JCI Monday Is Projected Weak, Overshadowed By Domestic And Foreign Sentiment

JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Monday, August 29, is overshadowed by a combination of sentiments from within the country and globally.

Artha Sekuritas analyst, Dennies Christopher Jordan said market participants would pay close attention to the plan to lift the fuel subsidy which could have a negative impact on Indonesia's economic growth and inflation level.

In fact, at the beginning of this week, there was minimal economic data that could support the JCI movement.

Dennies predicts that the JCI will move lower today. Technically, the candlestick formed a long black body with a stochastic forming a dead cross in the overbought area indicating potential weakness in the short term.

"JCI is projected to be in resistance 2 at 7,213, resistance 1 at 7,147, support 1 at 7,115, and support 2 at 7,095," said Dennies in his research.

As is known, the JCI closed down 0.54 percent at the level of 7,135.24 at the close of trading on Friday, August 26.

Meanwhile, Phintraco Sekuritas analyst Valdy Kurniawan said the market response to Jerome Powell's speech to the Federal Reserve (The Fed) at the Jackson Hole Economic Symposium on Friday, August 26, was one of the determinants of the JCI today.

The speech became an indication of the policy direction of the Fed, especially in the remainder of 2022.

Technically, said Valdy, RSI's stochastic is sloping in the oversold area, indicating a potential rebound.

Therefore, Valdy estimates that the JCI will fluctuate again within the support range of 7,080 and resistance of 7,200 today.