JAKARTA - The Composite Stock Price Index (JCI) is predicted to be depressed in today's trading, Friday 8 November. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,430, pivot 7,330, and support 7,200.
Phintraco Sekuritas explained, the JCI today is indicated to validate a reversal bearish indication of the double top pattern along with further weakening. Based on this pattern, the potential for a reverse bearish target is in the range of 7,050-7,150.
"Thus, market participants need to be aware of this potential and don't be too aggressive in entering the market for now," wrote Phintraco Sekuritas.
According to Phintraco Sekuritas, cutting the Fed's benchmark interest rate by 25 bps on Thursday 7 November and head of the Fed Jerome Powell's speech had the potential to slightly dampen the sell-off on Friday 8 November.
The reason is, in a post-FOMC speech, Powell gave hints that the Fed has not seen a potential change in economic conditions, particularly inflation and significant employment in 2025.
"This was a market concern after Donald Trump's victory in the US election," explained Phintraco Sekuritas.
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Meanwhile, domestic data, continued Phintraco Sekuritas, from a slowdown in economic growth to 4.95 percent yoy in the third quarter of 2024 increased negative sentiment in the country.
"The expectations of increasing consumption ahead of Christmas and New Year are expected to slightly improve investor appetites in Indonesia," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five shares for today, namely PGAS, PWON, CTRA, GJTL and RAJA.
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