The JCI At The Beginning Of The Week Is Predicted To Continue Weakening

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) today, Monday, November 29, is predicted to continue its weakening after ending slowly and closing in the red zone, aka dropping 137.79 points or 2.06 percent to 6.561.55.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan observed that the JCI weakened considerably, exacerbated by concerns over uncontrolled inflation in the United States. This has the potential to encourage the Fed to conduct a tighter tapering-off, resulting in a sell-off in emerging markets, including Indonesia.

For Monday's trading, said Dennies, JCI is predicted to continue weakening with support levels at 6.506 to 6.451. Meanwhile, the resistance is at 6.653 to 6.745.

"Technically, the candlestick formed a long black body with a quite high volume. The stochastic indicator moved wide after forming a deadcross indicating a strong bearish potential," he explained in daily research.

On the other hand, the movement will still be overshadowed by concerns about the Fed's tapering plan that is tighter. At the beginning of the week, the JCI movement also lacked sentiment from domestic economic data.

In the midst of the JCI movement which is predicted to continue to weaken, analysts are watching the shares of PT Wijaya Karya Tbk (WIKA), PT Alam Sutera Realty Tbk (ASRI), and PT Barito Pacific Tbk (BRPT).