The JCI on Wednesday Has Limited Potential to Strengthen, These Stocks Can be an Option

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Jakarta Composite Index (CSPI) is predicted to strengthen in today's trading, Wednesday, April 5, after yesterday's slight increase of 6.00 points or 0.09 percent to a level of 6.833.17.

Phintraco Sekuritas said in their research that the formation of a long lower shadow on Tuesday opened opportunities for further strengthening.

JCI is expected to consolidate within the 6.820-6.850 range on Wednesday with support at 6.780 and resistance at 6.850.

"However, considering the stochastic RSI which is already in the overbought area, the potential for strengthening will start to be limited," explained research by Phintraco Sekuritas.

The continued rebound of commodity prices, especially oil and coal, prompted further strengthening of the majority of oil and coal stocks last Tuesday.

Then, commodity prices are expected to resume strengthening on Wednesday, following OPEC's decision to cut oil production volumes by 1.16 million barrels per day.

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From within the country, market players tend to wait and see because of fears of a potential increase in inflation ahead of Idul Fitri. This was triggered by the current rise in global oil prices, which has the potential to cause fuel prices to rise again.

For information, inflation fell to 4.97 percent YoY in March 2023 from 5.47 percent YoY in February 2023. Phintraco Sekuritas recommends PGAS, HRUM, BBRI, MIKA, KLBF and BSSR shares for trading today.