JCI Monday Projected To Continue Weakening, Check Out Its Stock Recommendations

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Monday, November 15, is projected to weaken after last weekend's closing in the red zone alias slumped 40,288 points or 0.60 percent to the level of 6,651,054.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan observed that the JCI closed lower after forming a new all-time high level. The movement is exacerbated by concerns over the issue of inflation from the US, as well as the anticipation of tapering that will be carried out by the Federal Reserve (The Fed).

For trading at the beginning of the week, Dennies estimates that the JCI will continue to weaken with support levels at 6,626 to 6,606. Meanwhile, the resistance level is at 6,694 to 6,738.

"Technically, the candlestick forms a long black body with a fairly high volume and the stochastic which forms a deadcross is expected to tend to weaken," said Dennies in his research.

Investors will continue to monitor US inflation and the tapering plan. Meanwhile, from within the country, investors will pay close attention to the release of trade balance data.

In the midst of the JCI movement which is predicted to weaken, Dennies advised investors to look at the shares of PT Wijaya Karya Tbk (WIKA), PT HM Sampoerna Tbk (HMSP), and PT Bumi Serpong Damai Tbk (BSDE).