JAKARTA - The Composite Stock Price Index (JCI) is projected to continue weakening in today's trading, Friday, April 25. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 6,700, pivot 6,650, and support 6,600.
Phintraco Sekuritas said the JCI experienced a pullback last Thursday. The bank's stock, which is expected to still support the JCI, actually experienced a sell-off, especially the BBCA, which fell 2.87 percent.
"Practically only basic materials, especially gold-related stocks that support the JCI. Unfortunately, this strengthening has not been able to keep the JCI yesterday in the positive zone," wrote Phintraco Sekuritas.
Based on the JCI movement this week, the JCI tends to move independently against the global index, especially Wall Street. Thus, even though Wall Street strengthened significantly last night, you should be aware of the continued pullback on the JCI today.
Technically, Phintraco Sekuritas emphasized that Thursday's corrections prompted the formation of a death cross in the overbought area at the Stochastic RSI. In addition, Foreign Investors also resumed the net Sell, even tending to increase by IDR 514 billion on Thursday.
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Domestically, Phintraco Sekuritas said, domestic data or sentiment was relatively minimal after the BI RDG on Wednesday. RDG BI held the benchmark interest rate at 5.75 percent.
"On that occasion, BI also estimates that Indonesia's economic growth will tend to be at the lower limit of BI's projection at 4.7-5.5 percent," explained Phintraco Sekuritas.
The stocks recommended by Phintraco Sekuritas today are ASII, KLBF, CLEO, ISAT and INDF.
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