The JCI Will Strengthen Today, Issuer's Positive Performance Becomes A Catalyst

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to strengthen in today's trading, Thursday, April 21, after yesterday's closing at 7.227.36 or an increase of 0.39 percent.

JCI yesterday had recorded the highest position at the level of 7.262.55. Artha Sekuritas analyst Dennies Christopher Jordan explained that the JCI closed higher after fluctuating throughout the day in line with the strengthening of the US stock market, which rebounded in response to the positive performance of issuers.

Domestically, dividend distribution is also encouraged. This weakening was in line with the weakening of the US stock market which was depressed due to expectations of an increase in interest rates.

Dennis predicts the JCI will strengthen in today's trading. Technically, the candlestick formed a doji with a narrowing stochastic indicating the weakening trend was limited and there is potential for a rebound.

"The movement from within the country will still be driven by the release of issuers' performance and dividend distribution. Investors will also pay close attention to some of the economic data that will be released," said Dennies in his research.

Furthermore, Dennies estimates that JCI will move at support levels of 7.146 and 7.186 and resistance at 7.264 and 7.302. The stocks that Dennies recommends for trading tomorrow are PT Pakuwon Jati Tbk (PWON), PT Medco Energy Tbk (MEDC), and PT Sawit Sumbermas Sarana Tbk (SSMS).