Thursday, JCI Was Opened To Slightly Weaker 0.23 Percent To 5,496.78 Levels

JAKARTA - The Jakarta Composite Index (JCI) opened in the red zone on Thursday 12 November trading. JCI opened slightly lower by 0.23 percent or 12.73 points to 5,496.78.

Opening the trade, 116 stocks rose, 36 stocks fell, and 163 stocks remained unchanged. Trading volume at the opening was recorded at 258.33 million shares with a transaction value of Rp190.31 billion.

JCI movement in today's trading is expected to continue the upward trend, after yesterday closed in the green zone again with a strengthening of 0.86 percent to the level of 5,509.

PT Binaartha Parama Sekuritas analyst, Muhammad Nafan Aji Gusta Utama, said the JCI has the potential to experience an overbought condition. The JCI support-resistance range is at the level of 5,490-5,612.

"On the other hand, it indicates a potential bullish continuation in the JCI movement, so that the index has the opportunity to go to the nearest resistance level," Nafan said in his research.

Meanwhile, according to PT Reliance Sekuritas Indonesia analyst, Lanjar Nafi Taulat Ibrahimsyah, the strengthening pattern of the JCI has begun to saturate after reaching its highest level since the downward trend at the beginning of the COVID-19 pandemic.

"Investors will be wary of JCI movement that has the potential to saturate. The range is the support-resistance levels at 5,484-5,520," he said.

Furthermore, Lanjar stated that the strengthening pattern of the JCI, which began to potentially experience an overbought condition, was addressed by investors by accumulating the purchase of shares of PT Adaro Energy (ADRO), PT Indofood Sukses Makmur Tbk (INDF), PT Matahari Department Store Tbk (LPPF), and PT United. Tractors Tbk (UNTR).