JAKARTA - The Composite Stock Price Index (JCI) is projected to head to the 7,100 level in today's trading, Friday, May 16. Phintraco Sekuritas in his research said that the JCI today will move in the resistance range of 7,100, pivot 7,050, and support 7,000.
Phintraco Sekuritas explained that the JCI closed higher to the level of 7,040 (0.864%) on Thursday's trading. Positive factors still come from the easing of the US-China trade war.
"Bank shares continue to rise," wrote Phintraco Sekuritas.
Although the purchase volume is still strong, Phintraco Sekuritas assesses that the Stochastic RSI indicator is starting to overbought. So technically it is estimated that the JCI today has the potential to move in the range of 7,000-7,100.
"Be aware of the tendency to pullback or the JCI correction today to be close to 7,000," added Phintraco Sekuritas.
From the United States (US), the market is looking forward to housing sector data such as preliminary building permit data which is estimated to fall slightly to 1.45 million in April 2025 from 1.467 million in March 2025 as well as data on hosting starts which is estimated to increase slightly to 1.37 million in April 2025 from 1.324 million in March 2025.
In addition, the market will also pay close attention to the May Michigan Consumer Sentiment Preliminary index which is expected to rise to 53.4 in May 2025 from 52.5 in April 2025.
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From Europe, today French unemployment rate data will be released, which is expected to rise to 7.4 percent in the first quarter of 2025 from 7.3 percent in the fourth quarter of 2024.
From Asia, Japan will release data on the Growth Rate Growth in the first quarter of 2025 today, which is estimated to have contracted 0.1 percent QoQ from the previous 0.6 percent QoQ growth in the fourth quarter of 2024.
The stocks recommended by Phintraco Sekuritas today are TLKM, PGEO, SSIA, ANTM, and JPFA.
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