JCI At The End Of Week Test Level 7,700, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) tested a psychological level at the level of 7,700 in today's trading, Friday, October 25. In his research, Phintraco Sekuritas estimates that the JCI will move in the resistance range of 7,830, pivot 7,750, and support 7,700.

Phintraco Sekuritas said the JCI weakened by almost 1 percent on Thursday, October 24. This condition increases the chances of the formation of a death cross on the MACD indicator. The reason is, the JCI is moving below MA5 again, in line with this weakening.

"Therefore, be aware of the support and psychological level of the JCI today at 7,700," wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the market is looking forward to the release of US Durable Goods Order data this Friday which is expected to fall 0.9 percent MoM in September 2024 from the previous 0 percent MoM in August 2024. This condition indicates a sloping consumer demand.

On the same day, there was a release of US Michigan Consumer Sentiment data in October 2024 which is expected to drop to level 72.9 from the previous 74.4 in September 2024.

These two conditions have the potential to strengthen pressure for the Fed to stick to the original plan, namely cutting the benchmark interest rate twice in the remainder of 2024, added Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said, the period for the release of financial performance in the third quarter of 2024 on the Indonesia Stock Exchange (IDX) has started with bank shares generally being the opening.

Meanwhile, Phintraco Sekuritas recommends five shares for today, namely BRIS, TOBA, TSPC, ESSA, and GJTL.