JAKARTA - The movement of the Composite Stock Price Index (JCI) has the potential to strengthen for trading today, Wednesday, May 11, after yesterday's drop of 1.30 percent or 89.96 points so that it parked at the level of 6,819.79.
Artha Sekuritas analyst Dennies Christopher said the JCI closed lower yesterday due to investor concerns that global inflation will be more dangerous than expected.
Dennies revealed that towards the end of the second session there was resistance from purchasing power so that the weakening occurred was not as far as in the first session. As for today's trading, Dennies predicts the JCI will strengthen after experiencing consecutive declines for two trading days after the long Eid holiday.
He explained technically the candlestick, JCI hanging man in the support area indicates a potential rebound.
"The strengthening will be supported by bargain hunting where large-cap stocks have touched oversold levels," said Dennies in his research.
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On the other hand, Dennies said that the stock market is currently entering the period for issuers' performance releases for the first quarter of 2022. For today's trading, Artha Sekuritas estimates the JCI will move with support at 6,710 and 6,601 and resistance at 6,880 and 6,941.
According to Artha Sekuritas, a number of stocks that can be observed today are PT Medco Energy International Tbk (MEDC), PT Perusahaan Gas Negara Tbk (PGAS), and PT Indofood Sukses Makmur Tbk (INDF).
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