JAKARTA - The Composite Stock Price Index (JCI) is projected to continue its weakening in today's trading, Tuesday 17 December. Phintaco Sekuritas in his research estimates the JCI will move in the resistance range of 7,300, pivot 7,250, and support 7,200.
Phintraco Sekuritas explained that the JCI formed a three black crowd pattern along with the weakening last Monday. Technically, this pattern indicates bearish potential, especially since the JCI yesterday also broke low MA20 indicators in the range of 7,300.
"Thus, be aware of the bearish continuation potential, even though the JCI's technical rebound was formed today. It is better to wait for further confirmation of the rebound before the accumulation of purchases," wrote Phintraco Sekuritas.
Phintraco Sekuritas added that China's unsatisfactory economic data is believed to encourage the Chinese government to more quickly realize fiscal and monetary stimulus. The issue related to China's stimulus has several times triggered capital outflows from Indonesia and a significant weakening of the JCI.
"This seems to be happening again in the last few days," added Phintraco Sekuritas.
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Phintraco Sekuritas said the market hopes for a positive impact from expectations of cutting the Fed's benchmark interest rate on Wednesday, December 18. The policy is expected to dampen capital outflows, restrain the weakening of the Rupiah exchange rate and encourage the JCI rebound.
Phintraco Sekuritas recommends five shares for today's trading, namely BBRI, BBCA, BMRI, ASII and ESSA.
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