JAKARTA - The Composite Stock Price Index (JCI) is projected to strengthen again in today's trading, Wednesday, June 25. Phintraco Sekuritas in its research estimates the JCI will move in the resistance range of 7,000, and a pivot of 6,900, and support of 6,800.
Phintraco Sekuritas explained that the JCI closed up 1.21 percent to 6,869.1 on Tuesday. It was driven by the easing of geopolitical tension intensity in the Middle East after US President Donald Trump announced a ceasefire between Iran and Israel and called for peace.
While it needs to be seen again whether Israel and Iran properly agreed and would comply with the ceasefire. Pullback crude and US dollar prices also eased anxiety over rising inflationary rates, "wrote Phintraco Sekuritas.
In addition to waiting for geopolitical developments, Phintraco Sekuritas said the market would also look back at the Fed's next move amid pressure from President Trump to immediately lower interest rates.
Phintraco Sekuritas added that several Fed officials are scheduled to make a speech today, where the market will be watching if there are indications of the Fed's next monetary policy direction. The American Petroleum Institute is scheduled to release US oil reserves data.
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Technically, Phintraco Sekuritas explained, the Stochastic RSI indicator formed a golden cross in the oversold area. JCI has closed the gap up at 6,873, but formed a gap down at 6,834. Investors also tend to do short-term trading.
"Amid the hopes and uncertainty of whether the Israeli and Iranian war really ended, it is estimated that the JCI today has the potential to continue its rebound to 6,880-6,900," said Phintraco Sekuritas.
The stocks recommended by Phintraco Sekuritas today are MAPI, WIFI, GJTL, SRTG and AUTO.
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