JCI Is Projected To Strengthen This Weekend, London Sumatra And BSD Stocks Are Recommended

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to strengthen in trading at the end of the week, Friday, November 5 after yesterday's gain of 0.52 percent or 34.31 points so that it parked at the level of 6,552.13.

Artha Sekuritas analyst Dennies Christopher Jordan said the JCI closed higher since the beginning of trading supported by good news that the Fed will not be aggressive in raising interest rates even though it will soon conduct a tapering in November.

As for tomorrow's trading, Dennis predicts the JCI will continue to strengthen. He explained that technically the candlestick formed a higher high and a higher low accompanied by the stochastic indicator which widened after forming a golden cross in the oversold area indicating a potential short-term rebound.

"Investors will pay close attention to the results of the release of Indonesia's GDP data for the third quarter of 2021. The movement will also be supported by the release of issuers' performance as of the third quarter of 2021," Dennies said in his research.

For trading this Friday, Artha Sekuritas estimates JCI will move with support at 6,573 and 6,561 and resistance at 6,601 and 6,629.

A number of stocks that can be observed include PT Wijaya Karya Tbk (WIKA), PT PP London Sumatra Indonesia Tbk (LSIP), PT Bumi Serpong Damai Tbk (BSDE).