JCI Is Projected To Strengthen Today, Will It Touch All Time High Again?

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is projected to strengthen today, Thursday, March 17, after yesterday's closing in the green alias rose 74,210 points or 1.07 percent to the level of 6,992,395.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan said yesterday the JCI closed higher on the back of optimism after the United States (US) stock market strengthened. Pressure from inflation began to ease after oil prices fell. On the other hand, investors' focus has shifted to setting interest rates.

For today's trading, said Dennies, JCI is projected to continue strengthening with support levels at 6,961-6,930 and resistance levels at 7,007-7,022.

"Technically, the candlestick formed a higher high and a higher low with the stochastic widening after forming a golden cross indicating potential strengthening," he said in his research.

Investors will focus on the results of interest rate decisions, as well as the future impact on the stock market.

Meanwhile, CEO of PT Indosurya Bersinar Sekuritas William Surya Wijaya observed that the JCI is trying to score an all-time high again. The short-term upside opportunities are still quite large.

This is supported by the release of economic data on interest rates, which are expected to remain stable, so as to provide positive sentiment for the JCI movement.

"In addition, the heavy flow of capital inflow on a year-to-date basis that has entered the Indonesian capital market will also color the JCI movement for some time to come," he said.

William also estimates that the JCI will move in the range of 6,823 to 6,996 today. According to William, some stocks that can be observed are PT Unilever Indonesia Tbk (UNVR), PT Astra International Tbk (ASII), PT Bank Negara Indonesia Tbk (BBNI), PT Telekomunikasi Indonesia Tbk (TLKM), and PT Alam Sutera Realty Tbk (ASRI).