JAKARTA - The Composite Stock Price Index (JCI) is predicted to move in the resistance range of 6,820, 6,750, and support 6,700 in today's trading, Friday, July 14.
Phintraco Sekuritas in his research explained that the JCI closed below resistance at 6,820 on Thursday. Although there are solid directions from global exchanges, it is better to be aware of the potential for the JCI pullback today to the pivot range at 6,750-6,780 on Friday.
"Technically Stochastic RSI entered the overbought area and formed a doji star pattern in the JCI trading today," explained Phintraco Sekuritas in his research.
In terms of fundamentals, Phintraco Sekuritas explained, the main sentiment still stems from the decline in US inflation to 3 percent yoy in June 2023 from 4 percent yoy in May 2023. This condition strengthens the belief that the benchmark interest rate in the US is currently approaching the terminal rate at 5.5-5.75 percent.
"Proyeksi kenaikan US Michigan Consumer Sentiment (Prel.) ke 65.5 di Juni 2023 dari 64.4 di Mei 2023 memperkuat pandangan tersebut," tambah Phintraco Sekuritas.
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On the other hand, Phintraco Sekuritas said negative sentiment stemmed from a decrease in Chinese export value by 12.4 percent yoy in line with China's decline in import value by 6.8 percent yoy in June 2023. This data strengthens indications of a slowdown in Chinese economic activity in June 2023.
Meanwhile, Phintraco Sekuritas recommends five stocks that can be considered in today's trading, namely BFIN, UNVR, BANK, ADHI and AUTO.
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