JAKARTA - The Composite Stock Price Index (IHSG) is projected to move in consolidation today, Wednesday, October 23. Phintraco Sekuritas in its research estimates that IHSG will move in the resistance range of 7,830, pivot 7,750, and support 7,700.
Phintraco Sekuritas explained that today's IHSG strengthening is limited to the overbought area in the Stochastic RSI indicator. Thus, today's IHSG is expected to move in consolidation below the resistance area of 7,800-7,830 on Wednesday.
"Moreover, there was negative direction from the majority of global indices last Tuesday," wrote Phintraco Sekuritas.
Externally, Phintraco Sekuritas added, the market is anticipating the release of MBA Purchase Index data in America last week which is scheduled to be released this Wednesday as a reference to determine the level of demand for home purchases in America. The data is believed to be able to influence the direction of the Fed's benchmark interest rate policy.
"In addition, the market is awaiting the release of the October 2024 Consumer Confidence Flash data in the Euro Area which is scheduled for release today," explained Phintraco Sekuritas.
BACA JUGA:
From the domestic side, Phintraco Sekuritas said that the market is waiting for the release of the third quarter 2024 financial report data from several issuers, especially Big Banks, such as BBCA which is scheduled to release its third quarter 2024 financial report this Wednesday.
The stocks recommended by Phintraco Securities today are TINS, HRUM, UNVR, MAPI, MDKA, and SCMA.
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