The JCI After Eid Holiday Is Predicted To Be Corrected

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (IHSG) is predicted to be corrected after 5 closed days during the Idul Fitri holiday, or today, Wednesday 26 April.

MNC Sekuritas analyst Herditya Wicaksana predicts that technically the JCI movement will still be halted by resistance at the 6,840 level with support at the 6,766 level

"As long as the JCI has not been able to break from that area or even above 6,868, then the JCI position is still in the downtrend phase and is prone to correction to 6,735," he explained in his research.

Herditya sees that market participants can observe commodity price movements and US economic data releases. He recommends DOID, WOOD, and TOWR stocks for today's trading.

For information, the Indonesian stock exchange is on holiday in the last week on April 19-25 in the framework of the 2023 Eid al-Fitr holiday. In the last trade, Tuesday, April 18, the JCI closed up 0.50 percent or 34.22 points to 6,821.81.

In pre-holiday trading, the exchange transaction value reached IDR 11 trillion with a transaction volume of 14.49 billion shares. Even though the transaction value was higher than the daily average since the beginning of the year of IDR 10.15 trillion, the transaction volume was actually smaller than the daily average since the beginning of the year which reached IDR 17.80 billion.

Even though it strengthened before Lebaran, the JCI still recorded a decline of 0.42 percent since the beginning of the year.