JCI Today Predicted Back To Power, Back To 7,000

JAKARTA - The movement of the Composite Stock Price Index (IHSG) today, Thursday, March 24, is predicted to strengthen again after yesterday's closing slightly 0.07 percent to 6,996.11.

Yesterday, foreign investors recorded another net buy worth IDR 805.98 billion in all markets. Artha Sekuritas analyst Dennies Christopher Jordan assessed that the decline in the JCI was caused by the lack of sentiment from within the country and also that market players were still closely monitoring the development of the Russia-Ukraine conflict.

For today's trading, Dennis predicts the JCI will strengthen again. Support 1 may be at 6,974, support 2 at 6,952, resistance 1 at 7,020, and resistance 2 at 7,044.

Technically, the candlestick forms a higher high and a higher low with a volume that is still quite high.

"This indicates that the bullish trend is still quite strong," said Dennis in his research.

According to Dennies, domestic sentiment will still be minimal, especially from economic data. From a global perspective, investors will continue to monitor developments in the Russia-Ukraine conflict as well as the release of economic data from the United States.

Meanwhile, Phintraco Sekuritas analyst, Valdy Kurniawan, also estimates that the JCI has the opportunity to test the psychological level of 7,000 again and record the highest closing level in history today. JCI support level is predicted to be at 6,950 with resistance at 7,030.

According to him, the increase in the JCI is still supported by the continued accumulation of buying by foreign investors in the Indonesian capital market.

"Optimism about Indonesia's economic growth outlook is the main positive catalyst that attracts continued capital inflows," said Valdy.