JCI Projected To Strengthen Early Week, Seven Shares Enter Money Radar

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is projected to start turning into the bullish reversal phase today, Monday 9 December. Phintraco Sekuritas in its research, estimates the JCI will move in the resistance range of 7,480, pivot 7,400, and support 7,330.

Phintraco Sekuritas explained that the broad-based index on Wall Street, S&P 500 (0.25 percent) again recorded a new record high on Friday 6 December, and recorded a third weekly strengthening rally.

"In general, Wall Street's indexes are supported by market confidence in the opportunity to cut the Fed's benchmark interest rate in December 2024," wrote Phintraco Sekuritas.

Phintraco Sekuritas said, the CME FedWatch Tools recorded a 25 bps cut opportunity in December 2024 reaching 86%. The significant increase in the US Nonfarm Payrolls to 227 thousand in November 2024 from 36 thousand in October 2024 did not change the confidence in cutting the Fed Rate in December 2024.

According to Phintraco Sekuritas, getting closer to the FOMC on 18 December 2024, the JCI began to turn into a bullish reversal phase. This is validated by confirmation of the JCI rebound to 7,330-73.50 on Friday 6 December. Technically, MACD is increasingly solid forming a positive slope.

"Although pullback is reasonable, it will happen several times in this bullish reversal, considering that Stochastic RSI has entered the overbought area," added Phintraco Sekuritas.

Domestically, Phintraco Sekuritas said the market anticipates consumer confidence index data and retail sales. Both will affect market confidence in the opportunity to improve economic growth back to 5 percent in the fourth quarter of 2024. For information, retail sales grew 4.8 percent yoy in September 2024.

"Meanwhile, another movement of economic growth, namely export-import data, will be released and is believed to continue the positive trend in line with China's economic recovery," explained Phintraco Sekuritas.

Phintraco Sekuritas recommends seven shares for today, namely JPFA, EXCL, AKRA, BBTN, MEDC, ERAA, and TOWR.