JAKARTA - The Composite Stock Price Index (JCI) will consolidate in today's trading, Friday, December 6. Phintraco Sekuritas in its research estimates that the JCI will move in the resistance range of 7,350, pivot 7,300, and support 7,250.
Phintraco Sekuritas said the JCI was stuck under the MA200 indicator in the range of 7,330-7,350. The RSI Stochastic indicator is starting to approach the overbought area. Therefore, the market seems to need to be more patient waiting for the bullish reversal validation (confirmed rebound to 7,330-7,350).
"Today's JCI is expected to consolidate in the range of 7,275-7,330," wrote Phintraco Sekuritas.
From external, Phintraco Sekuritas added, the market is looking forward to the United States (US) Nonfarm Payrolls data which is estimated to increase to 202 thousand in November 2024 from 12 thousand in October 2024.
"This data is believed to underlie the latest statement from Fed Chair Jerome Powell which has again suppressed speculation of cutting the benchmark interest rate in December 2024," said Phintraco Sekuritas.
BACA JUGA:
Domestically, Phintraco Sekuritas added, the market is watching foreign exchange reserves data as of the end of November 2024. Foreign exchange reserves are not expected to move significantly from the position of 151 billion US dollars as of the end of October. The reason is, the Rupiah exchange rate weakened, but relatively remained below Rp. 16,000 per US dollar.
"One of them is supported by the expectations of continuing export performance in November 2024," explained Phintraco Sekuritas.
Phintraco Sekuritas recommends five shares for today, namely CLEO, ICBP, MAPI, KLBF, and UNVR.
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