JCI End of Week Potentially Continues to Weaken, Check Analyst Stock Recommendations

Illustration. (Photo: Dok. Antara)

JAKARTA - The Composite Stock Price Index (JCI) has the potential to continue to weaken in today's trading, Friday, August 7, after yesterday fell 0.12 percent to 6,343.71.

Phintraco Sekuritas in its research explained that technically, the JCI experienced a minor pullback in Thursday's trading. The stochastic RSI indicator is approaching the overbought area and the selling volume has increased.

"However, the MACD histogram is still in the positive area, and the JCI is still above the MA5-MA50 level. So it is estimated that the JCI will move in the range of 6,300-6,400," wrote Phintraco Securities.

Meanwhile, Kiwoom Sekuritas Indonesia projects the JCI will move diversely tends to weaken limited with a support level of 6,280 and resistance of 6,410 with MACD indicators showing a strengthening trend.

According to him, the movement of the stock market will be influenced by several sentiments. First, the implementation of a peace agreement with the potential for the gradual opening of the Strait of Hormuz will have a positive impact.

"This will have a positive impact on stocks, especially the shares of issuers related to gold along with the price moving at the level of U$ 4,300 per troy ounce," explained Kiwoom Sekuritas Indonesia.

Second, the movement of the JCI this weekend will also be influenced by the movement of the rupiah exchange rate against the US dollar which is approaching the level of Rp. 18,000 per US.

Meanwhile, MNC Sekuritas projects the JCI is prone to continue correcting with support at 6,315 and resistance at 6,380.

For trading this Friday, MNC Sekuritas said investors can pay attention to BNBR shares in the range of Rp120-Rp129, MEDC in the area of Rp1,425-Rp1,505 and PTRO in the range of Rp 5,500-Rp 5,725.