Ahead Of Nyepi Holiday, JCI Is Predicted To Weaken

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to weaken for today's trading Wednesday, March 2 after yesterday's rising 0.48 percent at the level of 6,921.44.

Artha Sekuritas analyst Dennies Christopher Jordan said that the JCI closed higher in yesterday's trading even though global stock markets weakened. According to him, the strengthening was driven by the increase in commodity prices which pushed the energy sector dominantly.

As for today's trading, Dennis predicts the JCI will weaken. He explained technically the candlestick, JCI formed a shooting star indicating a potential weakness, with a very limited range of strengthening so there is a potential for correction.

"Trade will be more limited due to holidays in the middle of the week," said Dennies in his research.

In addition, he continued, investors will also keep a close eye on the developments of the Russian invasion of Ukraine. Domestically, the government plans to change the status of COVID-19 from a pandemic to an endemic.

For trading tomorrow, Wednesday (1/3/2022), Artha Sekuritas estimates the JCI will move with support at 6,892 and 6,863 and resistance at 6,973 and 7,025. Here are a number of stocks to watch for tomorrow, including PT Bank Central Asia Tbk (BBCA), PT Adaro Energy Tbk (ADRO), and PT Astra International Tbk (ASII).