JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Wednesday, November 3, is predicted to be corrected again after yesterday's decline of 0.91 percent to 6,493.28.
Phintraco Sekuritas analyst Valdy Kurniawan said the JCI has the potential to continue to weaken even though it is more limited. This is because the Stochastic RSI is in the oversold area, and there was a decrease in transaction volume during the weakening Monday and Tuesday.
According to Valdy, market participants can pay attention to the confirmation of a rebound to 6,500 as a buy signal. JCI resistance is currently at 6,580 with the support level at 6,450.
"The main focus of market players at this time is the implementation of the US central bank meeting on November 2-3, 2021 local time. Market participants anticipate the announcement of the results of the meeting and a speech from the Fed Governor Jerome Powell on Thursday, November 4 in the morning WIB," he said in his research. .
In this meeting, the Fed is expected to discuss the details of the plan to reduce bond purchases which will begin at the end of 2021.
"The rupiah exchange rate is estimated to be more volatile near the announcement time on Thursday," said Valdy.
In line with that, he said, market participants could pay close attention to the shares of PT Bank Central Asia Tbk (BBCA), PT Bank Negara Indonesia Tbk (BBNI), PT Bank Rakyat Indonesia Tbk (BBRI), and PT Bank Mandiri Tbk (BMRI), PT London. Sumatra Plantation Tbk (LSIP), PT Indofood CBP Sukses Makmur Tbk (ICBP), and PT AKR Corporindo Tbk (AKRA).
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