JCI Wednesday Strongback, Check Out Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) has the opportunity to strengthen in today's trading, Wednesday, March 27, after yesterday's decline of 0.16 percent or 12.10 points to the level of 7,365.66.

Phintraco Sekuritas in his research said that the JCI has the opportunity to move higher with support at 7,331 and resistance at 7,371.

"JCI is stuck to the dynamic support for Moving Average (MA) 20. Then, there is an indicator that Moving Average Convergence (MACD) tends to move sideaways and in the stochastic Relative Stretch Index (RSI) indicator it is moving in the pivot area," explained the research. Phintraco Sekuritas,

Furthermore, the JCI has the potential to rebound by testing support at the level of 7,300 and resistance at the level of 7,400 on Wednesday

From the global market, in the European zone market participants are looking forward to several economic data releases that show a number of improvements. Data projections show that consumer confidence is predicted to increase for March 2024, reaching -14.90 from the previous level at -15.50.

Data improvements in the European region were largely influenced by the Fed's speech signaling the possibility of cutting interest rates in 2024 to 75 basis points (bps).

From the Asian market, investors' attention is focused on releasing China's industrial profit data in February 2024 which is projected to improve to -1.00 percent, from -2.30 percent in the previous month.

In addition, on the same day, investors await a speech from Bank of Japan officials, who will respond to economic activity and monetary policy in Japan.

"This is at least the sentiment of market movement in the Asian region," explained Phintraco Sekuritas research

The stocks recommended for today include ADMR, MNCN, TINS, BFIN, LSIP, and GJTL.