JAKARTA - The Composite Stock Price Index (JCI) is predicted to move in the range of 6,150-6,400 on today's trading, Wednesday, June 17, after strengthening 4.12 percent to 6,254.9, Monday, June 15.
The JCI even strengthened to touch the level at 6,345, which was triggered by the news of the achievement of a US-Iran peace agreement to be signed in Switzerland on Friday, June 19.
Phintraco Sekuritas said, optimism for a peaceful agreement and the reopening of the shipping lane in the Strait of Hormuz, encouraged a correction in oil prices of more than 4 percent to around 80 US dollars per barrel (WTI) and around 83 US dollars per barrel (Brent). The weakening of the world crude oil price is a positive factor because it relieves inflationary pressures and the potential for widening the state budget deficit.
Gold prices also moved up to above the level of 4,338 US dollars per troy ounce, as inflation pressures eased, which meant that the potential for a Fed rate hike weakened.
The rupiah closed up 0.85 percent at Rp17,709 per US dollar, on Monday, June 15.
Phintraco Sekuritas explained, technically, the JCI closed above the MA20 level and MACD continued to form a positive histogram increase. However, Stochastic RSI has the potential to form a Death Cross in the overbought area.
"It is estimated that the JCI will move in the range of 6,150-6,400 on Wednesday's trading," wrote Phintraco Sekuritas.
Meanwhile, MNC Sekuritas estimates that the JCI will test at the level of 6,476-6,577, but will still pay attention to the correction of the JCI to the level of 6,136-6,216.
MNC Sekuritas recommends four stocks for trading today, namely ADRO, BKSL, BUMI and OASA.
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