JCI Wednesday Has The Opportunity To Continue Strengthening, These Are The Stocks Recommended By Analysts

JAKARTA - The Composite Stock Price Index (JCI) has the opportunity to continue to strengthen today, Wednesday, December 3, after yesterday's increase of 0.80 percent to the level of 8,617.04.

MNC Sekuritas in his research said that the strengthening of the JCI seems to be supported by the appreciation of the rupiah exchange rate against the US dollar. Quoting Bloomberg, the rupiah exchange rate rose 0.23 percent to the level of IDR 16,625 per US dollar yesterday.

"JCI is also driven by the increase in share prices of conglomerate issuers," explained MNC Sekuritas.

JCI is still part of the wave (iii) from the wave (iii), so that the next strengthening area can be observed in the 8,660 area. However, it is also necessary to pay close attention to the correction area in the short term in the range of 8,540-8,569.

MNC Sekuritas said that the JCI has the opportunity to continue its strengthening with support at the level of 8,571 and resistance at the level of 8,620 in today's trading. One of the things that will affect the JCI is the speech of the Fed officials regarding the direction of monetary policy ahead of the FOMC meeting.

There are several stocks that investors can observe, including ADRO with a target of IDR 1,870-IDR 1,890 per share, PANI (IDR 14,300) IDR 14,900 per share), and IMPC (IDR 3,300 IDR 3,440 per share).

Meanwhile, Senior Market Analyst Mirae Asset Sekuritas Nafan Aji Gusta assessed that today's JCI rate was also influenced by the positive response of market players to inflation data and Indonesian Manufacturing PMI released yesterday.

Technically, the JCI is still in the uptrend phase. On the other hand, the MA20 and MA60 indicators are in the positive crossover.

"The RSI indicator also has the potential to form a golden cross pattern along with an increase in volume," he said.

Nafan estimates that the JCI will move at support levels of 8,553 and 8,506 and resistance at 8,666 and 8,706 today.