JCI Thursday Potentially Weakening, These Five Stocks Could Be Options

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to weaken in today's trading, Thursday, October 24. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 7,830, pivot 7,750, and support 7,700.

Phintraco Sekuritas explained that the JCI moved according to estimates by being stuck under the resistance area of 7,800-7,830 on Wednesday (23/10/2024). Along with this movement, the narrowing of the negative slope in MACD continues.

"Thus, the JCI today is expected to return to its sideways with a tendency to weaken in the range of 7,750-7,800," wrote Phintraco Sekuritas in his research, Thursday (24/10/2024).

Today, continued Phintraco Sekuritas, the market will be busy with manufacturing index data in the United States (US), Euro Area and Germany which are expected to improve in October 2024, although it is still below the expansionary limit (50).

While Britain is one of the few countries in Europe that maintains its manufacturing index above 50, despite a slight decline (10 bps mom) in October 2024, "said Phintraco Sekuritas.

Still from external, Phintraco Sekuritas said, the market does not seem to have enough time to respond to the decline in home sales (previously owned) in the US by 1 percent mom in September 2024 to 3.84 million units, the lowest level since October 2010.

"This condition has the potential to change market expectations against Fed policies, especially if the initial jobless claim data tonight is higher than expected," said Phintraco Sekuritas.

Meanwhile, Phintraco Sekuritas recommends five shares for today, namely JPFA, MAIN, CPIN, SMDR and SMGR.