JCI Wednesday Tries To Return To Level 7,500. Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) tested the highest level or resistance in today's trading, Wednesday 6 November. Phintraco Sekuritas in his research said the JCI will move in the resistance range of 7,500, pivot 7,450, and support 7,400.

Phintraco Sekuritas said that today's JCI has a chance of testing 7,500 resistance. Technically, Stochastic RSI formed a golden cross in the overbought area along with the rebound Tuesday 5 November. The rebound also formed a whitemarubozu pattern after a long lower-shadow on the previous day.

"The combination of these two patterns is a strong indication of minor bullish reversal," wrote Phintraco Sekuritas.

Phintraco Sekuritas said the strengthening of the JCI occurred when the realization of economic growth slowed to 4.95 percent yoy in the third quarter of 2024 from 5.05 percent yoy in the second quarter of 2024. The market seems to believe this condition is a catalyst for BI to follow the Fed's aggressiveness in cutting the benchmark interest rate.

"The market may also hope for potential fiscal stimuli from the new government," explained Phintraco Sekuritas.

From economic data, Phintraco Sekuritas said, the market will digest the data on the Japanese, German and Euro Area service sector indexes which are scheduled to be released today. The three are expected to record an increase in the service sector index in October 2024.

Still from Europe, Phintraco Sekuritas said the market anticipates a speech from the President of Germany and the European Central Bank (ECB) tonight. Still from external, the market will pay close attention to the preliminary results of the calculation of the vote of the United States Presidential Election (US Presidential Election) which is expected to be announced in stages in several states this morning.

Meanwhile, Phintraco Sekuritas recommends five shares for today's trading, namely INCO, AKRA, TINS, ANTM, and MYOR.