JCI Monday Potentially Rebound, Six Stocks Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) has the potential to experience a technical rebound in today's trading, Monday, February 10.

Phintraco Sekuritas in its research estimates the composite index resistance level will be at 6,850 in trading earlier next week, with support positions at 6,650 and pivots at 6,750.

"Technically, the falling window closed with Hammer on the JCI is in line with the oversold Stochastic RSI opening up the chance of rebounding to the target area of 6,850," explained Phintraco Sekuritas.

From the external side, the global market said, is looking forward to the release of important economic data. In the United States (US), inflation data in January 2025 which will be released on February 12 is estimated to be stable at the level of 2.9 percent year on year (YoY).

According to him, this figure shows that inflation in the US is still unable to approach the target of The Federal Reserve or the Fed which is at the level of 2 percent. Meanwhile, from Europe, the market also anticipates data on British economic growth for the fourth quarter of 2024 which is scheduled to be released on February 13.

"The UK's economic growth is estimated to reach 1 percent YoY, better than the realization in the third quarter of 2024 which grew 0.9 percent. This indicates that there is an economic improvement in the UK," said Valdy.

In Asia, investors are looking forward to releasing Japanese Producer Price Index (PPI) data for January 2025 which is scheduled to come out on February 13. Valdy said this data was important to see the inflation rate in terms of Japanese producers.

For domestic sentiment, the market will pay close attention to the release of the January 2025 Consumer Confidence data which will be released on February 11, 2025. This data is expected to provide an overview of consumer optimism for Indonesia's economic conditions, after the release of several previous economic indicators.

"The data is believed to affect the market's views on Indonesia's economic prospects in the future," explained Phintraco Sekuritas.

The stocks recommended by Phintraco Sekuritas today include BMRI, BBRI, BBNI, BBCA, ASII, and TLKM.