The JCI on Monday Has the Potential to Strengthen Towards 7.100

JAKARTA - After experiencing a correction in the last trade last week, the Jakarta Composite Index (IHSG) has the potential to experience a rebound in today's trading, Monday, November 28. The JCI at the end of last week corrected 0.39 percent to a level of 7.053.

Several stocks, according to analysts, have the potential to support the index's counterattack. In earlier projections this week, the Phintraco Sekuritas research team projected that the JCI would move within the consolidation range of 7.000 to 7.100.

From a technical analysis standpoint, the Stochastic RSI and MACD tend to move sideways. This, at least, reinforces the indication of further consolidation.

Even though it allows for a rebound, there is still a possibility of overshadowing risks that can affect conditions. Particularly the sentiment in the energy sector, coupled with concerns over falling demand for various industrial sectors in line with the new increase in COVID-19 in China in the past week.

"Apart from that, the adoption of a limit on the purchase price of oil from Russia by the G7 also contributed to depressing the prices of oil and other energy commodities, including gas and coal," said Phintraco Sekuritas' research team in their research.

Market players are also still anticipating the release of European inflation data next week. The data can influence market behavior towards the direction of monetary policy from the central banks of major countries. What's more, the monetary policy can take effect for up to several months.

Some of the stocks recommended by Phintraco Sekuritas for the week are PT Indofood CBP Sukses Makmur Tbk. (ICBP), PT Unilever Indonesia Tbk (UNVR), PT Erajaya Swasembada Tbk (ERAA), PT Telekomunikasi Indonesia Persero Tbk (TLKM), PT Surya Citra Media Tbk (SCMA), PT Charoen Pokphand Indonesia Tbk (CPIN) and PT Dharma Satya Nusantara Tbk (DSNG).