JCI Projected Weakening Tuesday, Shares Of Company Owned By Conglomerate Tedja Are Recommended By Artha Sekuritas

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to weaken again in today's trading, Tuesday, January 18 after yesterday closing trading in the red zone with a correction of 0.72 percent or 48.35 points so that it parked at the level of 6,645.05.

Artha Sekuritas analyst Dennies Christopher Jordan said that the JCI closed lower yesterday, driven by data on the trade balance which was still in surplus, but fell quite significantly.

"Yesterday's index movement tends to be limited because investors are more wait and see waiting for interest rate policy in the middle of the week," said Dennies in his research.

As for today's trading, Dennies predicts the JCI will continue to weaken. He explained that technically the JCI candlestick formed a dark cloud cover formation indicating a potential reversal to a bearish trend.

"The range of temporary weakening is quite limited at the strong support for MA50. Movement is expected to be limited ahead of the determination of the 7-day repo rate by Bank Indonesia in the middle of the week," said Dennies.

For today's trading, Artha Sekuritas estimates JCI will move with support at 6,609 and 6,574 and resistance at 6,695 and 6,746. As for a number of stocks that can be observed, among others, property companies owned by conglomerate Alexander Tedja PT Pakuwon Jati Tbk (PWON), PT Wijaya Karya Tbk (WIKA), and PT Waskita Karya Tbk (WSKT).