JCI On Monday Is Predicted To Continue Strengthening, See Stock Recommendations

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to continue strengthening at the beginning of this week, Monday 14 November, after last weekend closed in the green zone, strengthening 122.36 points or 1.76 percent to a level of 7,089.20.

Artha Sekuritas analyst Dennies Christopher Jordan saw, technically the candlestick formed a higher high and a higher low. Then, the golden cross on the MA5 and MA20 indicates a potential strengthening.

"The movement will still be supported by optimism that the Fed's interest rate will not be too aggressive. Meanwhile, domestically it will still be driven by the release season for the third quarter of 2022," he said in his research.

Dennies projects that the JCI will move with support 1 at 7,052 and resistance 1 at 7,116. Then support 2 is at the level of 7.015 and resistance 2 is at 7.143.

For today's trading, Dennies assesses several stocks that are interesting to watch, including WIKA, TOWR, and MDKA.

Meanwhile, Head of Research Jasa Utama Capital Sekuritas Cheril Tanuwijaya said the potential for strengthening earlier this week was supported by market players still shrouded in optimism from the closing of the US Stock Exchange which strengthened last week.

For information, the Dow Jones closed 33,715.37 or up 3.70 percent, the NASDAQ closed up 7.35 percent to 11,114.15, and the S&P 500 closed up 5.54 percent to 3,956.37 last Friday.

Apart from that, Cheril said, China, which is Indonesia's main trading partner, has decided to loosen its Zero Covid policy so that commodity prices will strengthen. Cheril also estimates that the JCI will move with support at 7,055 and resistance at 7,170.