JCI Tuesday Projected Still In The Red Zone, Analyst: Still Overshadowed By US Tapering Off Worries

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Tuesday, November 16, is projected to remain in the red zone after closing down 0.53 percent or 35.025 points to the level of 6.616.029.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan said the JCI is projected to continue weakening with support levels at 6.592-6.568 and resistance levels at 6.657-6.698.

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

He added that investors will continue to monitor US inflation and the tapering-off plan. Investors also tend to be more conservative ahead of the interest rate-setting by Bank Indonesia.

Meanwhile, PT CEO Indosurya Bersinar Sekuritas William Surya Wijaya also estimates the JCI will continue to weaken in the range of 6.589-6.713. In his view, the JCI movement tends to have a greater potential for pressure than the potential for an increase.

"The lack of sentiment that can boost the JCI increase caused by the economic slowdown is one of the factors that influence the JCI movement pattern," explained William.