JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to strengthen today, Wednesday, January 25, after yesterday weakening 20 percent or 14.08 points to 6,860.85.
Phintraco Sekuritas in its research assesses that technically Stochastic RSI is in an overbought area. Along with this, a top spinning pattern is formed which is an indication of potential further correction.
Thus, be aware of corrections with pivots at 6,800 and the nearest strong support at 6740 (MA20).
"JCI will be at the resistance level of 6,880 and support 6,740," explained Phintraco Sekuritas.
The correction is more of a normal correction to getting out of the overbought area. Given that from external, the majority of global and regional indexes still tend to strengthen until Tuesday afternoon.
The main positive sentiment comes from expectations of China's recovery in demand and support from Fed officials regarding the slowdown in the benchmark interest rate hike at FOMC February 2023.
In today's trading, Phintraco Sekuritas recommends several stocks that market players can watch out for stocks that are not in the overbought area, such as BSDE, TLKM, CPIN, ACES, and BIPI.
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