Wednesday's JCI Shrouded in Sentiment From Within and Outside the Country, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (IHSG) rose 0.35 percent to 6,862.05 in trading last Tuesday.

Technically, Phintraco Sekuritas in its research said that the JCI broke out MA5 at level 6,832 on Tuesday. A golden cross was formed on the Stochastic RSI and a widening positive slope on the MACD.

"So, JCI is expected to continue strengthening to the resistance area of ​​6,880 to 6,900 on Wednesday, November 15," explained Phintraco Sekuritas.

Meanwhile, support is expected to be at level 6,800 and resistance at level 6,900.

Externally, investors are waiting for the release of US inflation data which is expected to fall to 3.3 percent YoY (year on year) in October 2023 from 3.7 percent YoY in September 2023.

Apart from that, there were also statements from a number of top Fed officials this week, which could provide clues about how long the Fed will maintain its benchmark interest rate at a high level.

Still externally, the UK will also release inflation data which is expected to fall to 5.8 percent YoY in October 2023 from 6.1 percent YoY in September 2023

Meanwhile, domestically, the market is waiting for the release of Indonesia's Trade Balance data this Wednesday. The NPI surplus is expected to return in October 2023.

However, this surplus was caused by a deeper decline in the value of exports than the decline in the value of imports.

Meanwhile, selected shares include ICBP, GGRM, JPFA, ELSA, BBNI, and ESSA.