The JCI On The First Day Of December Is Projected To Strengthen Limited, These Six Stocks Could Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is expected to strengthen slightly in today's trading, Monday, December 1, after closing down 0.43 percent on Friday, November 28, to 8,508.71.

In his research, Phintraco Sekuritas assessed that the space for strengthening the JCI at the beginning of the week was still open even though it tended to be limited.

"The pressure on profit taking on Friday does not change the medium-term trend. As long as the JCI is able to survive in the 8,500 pivot range, the technical rebound opportunity on Monday remains," explained Phintraco Sekuritas.

Technically, the positive slope histogram MACD is starting to weaken, while the Stochastic RSI is heading down. JCI is also closed below MA5, but it is still above MA20.

"This condition shows a pattern of consolidation, not a reversal of trends," said Phintraco Sekuritas.

As for important levels that need to be observed for Monday, the JCI is expected to move sideways.

"JCI will move in the range of 8,470 to 8,600," said Phintraco Sekuritas

The three key levels to note: resistance 8,600, pivot 8,500, and support 8,470. In terms of sentiment, investors will pay close attention to a series of economic data releases that come out on Monday, ranging from PMI manufacturing, trade balance, to inflation.

November inflation data is expected to be at 0.3 percent on a monthly basis and 2.8 percent on an annual basis. Meanwhile, the October trade balance is projected to record a surplus of 3.8 billion US dollars.

"The release of domestic economic data is likely to be the main driver of the JCI at the beginning of the week. If inflation and PMI data match market expectations, the JCI has the opportunity to open trade with strengthening," explained Phintraco Sekuritas.

Although the strengthening has limited potential, the energy sector and issuers with stable fundamentals can be a concern, while technology stocks that were depressed at the end of last week may still be moving mixed.

According to Phintraco Sekuritas, today's stock recommendations go to PWON, INKP, PGAS, NCKL, PSAB, and ERAA.