JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to weaken limited to today's trading, Tuesday, May 30, after yesterday's decline of 0.09 percent to 6,681.102.
Phintraco Sekuritas in its technical research saw the JCI closed below 6,710 (MA10) on Monday, where RSI stochastics tend to move down, supported by the formation of a negative slope in MACD, thus supporting further weakening.
"However, considering the lower shadow formed Monday, the potential for weakening tends to be limited to the level of 6,660 in trading Tuesday, May 30," explained research on Phintraco Sekuritas.
The weakening of the JCI was allegedly the impact of several sentiments, including a slowdown in bank credit growth to 8.08 percent YoY in April 2023. In addition, the potential risk of the Fed's reference interest rate increase is still quite large and could have an effect on the decline in the JCI.
Meanwhile, other factors stem from the downward trend in coal prices from early 2023. Coal prices were at the level of 160 US dollars/tons or weakened 60.41 percent ytd by Friday, May 26.
Investors are advised to avoid sensitive stocks with temporary movement of coal flowers and producers. From an external perspective, market participants are still digesting the latest developments in the United States' debt ceiling (US).
また読む:
US President Joe Biden and US House Speaker Kevin McCarthy have reached a tentative deal for debt ceiling. This agreement prevents potential defaults when debt ceiling is reached in early June 2023.
Phintraco predicts the JCI today will move in support areas at the level of 6,640 and resistance at the level of 6,760. The stocks that are accommodated for market players are UNVR, SILO, TPIA, KLBF, PGAS and ISAT.
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