JAKARTA - The Composite Stock Price Index (JCI) is expected to continue the consolidation phase with a pivot of 7,300 in today's trading, Friday, March 1.
Phintraco Sekuritas in his research said that the JCI support and resistance is estimated to be in the range of 7,250-7,350. Technically, consolidation indications are shown by the narrowing of the MACD negative slope after the formation of the golden cross in Stochastic RSI in the oversold area.
Phintraco also provided information that external sentiment is expected to be dominant on Friday.
"The market will respond to inflation data in the US and Germany, as well as the unemployment rate in Germany. PCE Price Index is expected to slow down to 2.4 percent yoy (year on year) in January 2024 from 2.6 percent yoy in December 2023," explained research by Phintraco Sekuritas.
Meanwhile, German inflation is expected to slow to the level of 2.6 percent yoy in February 2024 from 2.9 percent yoy in January 2024. Then nationally the market will respond to the realization of Indonesia's manufacturing index and inflation in February 2024.
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"The manufacturing index is believed to be still at an expansive level, while inflation is estimated to remain at around 2.5 percent."
According to Phintraco Sekuritas, the stocks that can be considered this Friday include ESSA, ELSA, EMTK, MEDC, ARTO, and LSIP.
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