JAKARTA - The Composite Stock Price Index (JCI) is predicted to reverse its direction in today's trading, Thursday, May 8. Phintraco Sekuritas in his research said that the JCI today will move in the range of resistance to 7,000, pivot to 6,950, and support to 6,850.
Phintraco Sekuritas explained, although the JCI continued its strengthening (+0.41 percent) last Wednesday, a shooting star pattern was formed and the stochastic indicator was in the overbought area.
The condition indicates a potential reversal of direction. The JCI today is estimated to move in the range of 6,850-6,970 levels, "wrote Phintraco Sekuritas.
Phintraco Sekuritas assessed that the market responded positively to plans for a meeting between the US and Chinese in Switzerland this weekend. The meeting is expected to reduce trade tensions between the US and China due to tariffs.
The positive results of the meeting are expected to reduce economic risk concerns (inflation surge, rising unemployment and economic slowdown) submitted by the Fed after the announcement of the FOMC results.
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Phintraco Sekuritas said there was no surprise from the FOMC, where the Fed held the benchmark interest rate at the level of 4.5 percent. Positive sentiment also comes from China's monetary stimulus in the form of lowering the seven-day reverse repo interest rate to 1.4 percent from 1.5 percent in May 2025, as well as reducing the banking reserve ratio by 50 basis points so that the average rate becomes 6.2 percent in May.
The stocks recommended by Phintraco Sekuritas today are SMRA, CTRA, PWON, ACES, and TOWR.
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