JAKARTA - The movement of the Composite Stock Price Index (IHSG) is predicted to continue to weaken on Thursday, February 23 trading. JCI today is expected to move at resistance 6,880, pivot 6,760, support 6,670.
Phintraco Sekuritas in its research said that today's JCI is still prone to weakening. However, the downside potential is expected to be more limited, considering there is an oversold signal on the Stochastic RSI.
"In addition, there was no significant volume increase that supports yesterday's significant weakening. Today's JCI is expected to move in the 6,780-6,840 range," wrote Phintraco Sekuritas.
Phintraco Sekuritas explained The Fed's instructions in the FOMC minutes seem to be clear enough to indicate that the increase in The Fed Rate is far from over. Because the Fed's inflation target is still far away and inflation is expected to be persistent, supported by strong employment conditions in the US.
"The short-term impact is expected to trigger a further weakening of the Rupiah exchange rate to the range of Rp. 15,250-15,300 per US dollar," added Phintraco Sekuritas.
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Thus, Phintraco Sekuritas recommends buying on support opportunities to take advantage of the potential rebound in defensive stocks, such as INDF, UNVR, JPFA, and AALI which can be watched today.
Other stocks to watch are ASII, MAPI, and INCO.
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