JCI On Friday Is Predicted To Continue Strengthening, These Stocks Can Be An Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (IHSG) is predicted to strengthen in today's trading, Friday, March 3, after closing yesterday by 12.48 points (0.18 per cent) to 6,875.4.

Phintraco Sekuritas in its research predicts that the JCI will test the pivot level of 6,870-6,890. The MACD indicator has formed a golden cross, supported by the Stochastic RSI which tends to move up to the overbought area.

"This opens the opportunity for a further rebound for the JCI to the pivot level of 6,870-6,890", wrote Phintraco Sekuritas.

Phintraco Sekuritas added that the continued strengthening of commodity stocks last Thursday is expected to again support the JCI ahead of the weekend. This was driven by the continued rebound in commodity prices following the increase in the China Manufacturing Index in February 2023.

"Thus, commodity stocks such as ELSA, PGAS, PTBA, TINS and ANTM can be watched for further rebound opportunities", added Phintraco Sekuritas.

From economic data, Phintraco Sekuritas added, several countries such as the US, the European Region and the UK will release manufacturing index data on Friday which is expected to rise in February 2023.

"This increase has the potential to drive increased demand and a further rebound from commodity prices", closed Phintraco Sekuritas.