JCI Will Strengthen On Wednesday Amid The Global Sentiment Of Russia-Ukraine Tensions

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to continue strengthening in today's trading, Wednesday, February 16 after closing yesterday at 6,807.49 or up 1.08 percent.

Artha Sekuritas analyst Dennies Christopher Jordan said that the JCI closed higher yesterday in line with bargain hunting by investors who assessed that the weakening had entered the oversold stage.

"On the other hand, global stock markets are still weakening over the shadow of Russia-Ukraine tensions," said Dennies as quoted from his research.

JCI, he continued, is predicted to strengthen in today's trading. Technically the candlestick forms a piercing line formation indicating a potential strengthening.

However, in terms of sentiment, it is estimated that the range of strengthening will be limited. Global sentiment is still overshadowed by tensions between Russia and Ukraine, while at home there are still concerns about the high number of COVID-19 cases.

Furthermore, Dennies estimates that the JCI will move at support levels of 6,700 and 6,753 and resistance at 6,833 and 6,860. The stocks that Dennies recommends for trading today are PT Ciputra Development Tbk (CTRA), PT Media Nusantara Citra Tbk (MNCN), and PT Astra International Tbk (ASII).