JCI Projected to Strengthen to 6,700 Amid Global and Domestic Market Sentiment

Phintraco Sekuritas predicts that the Jakarta Composite Index (JCI) will strengthen towards the 6,700 level on Monday (March 10, 2025). The index is expected to move within a resistance range of 6,750, a pivot of 6,630, and a support level of 6,550.

In its latest research, Phintraco Sekuritas recommends six stocks with potential upside, including INCO.

Global Market Sentiment: Wall Street Weakens Amid US Tariff Policy

Phintraco Sekuritas noted that major Wall Street indices recorded their worst weekly decline since September 2024, despite a rebound on Friday (March 7, 2025). The volatility was mainly driven by concerns over the US government’s tariff policy and conflicting statements between President Donald Trump and Treasury Secretary Scott Bessent.

Additionally, investors are closely monitoring the implementation of reciprocal tariffs set to take effect on April 12, 2025. Market players are also awaiting the results of the Federal Open Market Committee (FOMC) meeting, scheduled for March 18-19, 2025.

Technical Analysis: JCI Holds Strong but Expected to Fluctuate

On Friday (March 7, 2025), the JCI remained above its 20-day moving average (MA20) at around 6,630. This aligns with the widening positive slope on the MACD indicator. However, the Stochastic RSI has begun approaching the overbought zone, which could trigger profit-taking.

“With this setup, the JCI may experience a minor bullish reversal today but is likely to encounter strong resistance at 6,700. Overall, the JCI is expected to fluctuate within the 6,550-6,750 range throughout the week,” Phintraco Sekuritas stated.

Domestic Market Sentiment: Awaiting February 2025 Consumer Confidence Index

On the domestic front, investors are awaiting the release of the Consumer Confidence Index (CCI) for February 2025, scheduled for March 11, 2025. The index is projected to rise to 127.5, up from 127.2 in January 2025.

Phintraco Sekuritas considers this increase noteworthy, as it comes amid rising global uncertainty due to trade wars, concerns over factory closures or relocations, and domestic deflationary trends.

As part of its investment strategy, Phintraco Sekuritas recommends six stocks with growth potential: INCO, MYOR, ESSA, SMRA, SSIA, and TINS.

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