JCI Tuesday Could Drop To 6,500, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to drop to the 6,500 level in today's trading, Tuesday 11 February. Phintraco Sekuritas in research estimates the JCI will move in the resistance range at 6,750, pivot 6,650, and support at 6,550.

Phintraco Sekuritas said the JCI weakening rally continued on Monday. JCI confirmed support breaklow at 6,700 and has the potential for further support tests at 6,550-6,600.

"Stochastic RSI has the potential to lose momentum, if it breaks down 6,550," wrote Phintraco Sekuritas.

Phintraco Sekuritas said that the US Government's plan to announce the phase 2 import tariff package sparked fears of a surge in inflation and its impact on the Fed's monetary policy direction. This condition has a negative impact on the movement of large-scale stock prices, especially large-capitalized banks on Monday.

"This condition is expected to continue to this day," explained Phintraco Sekuritas.

Phintraco Sekuritas added that domestic data, especially the January 2025 Consumer Confidence Index (IKK) released today is expected to reduce selling pressure. The IKK in January 2025 is believed not to move far from the position in December 2024 (127.7), even having a slightly higher chance.

"This condition is expected to rebuild optimism for Indonesia's economic growth rate in the first quarter of 2025," he explained.

The stocks recommended by Phintraco Sekuritas today are UNVR, PGAS, MEDC, TPIA, and CLEO.