JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to correct in today's trading, Tuesday, June 21, after parking at 6,976.37 yesterday, or up 0.15 percent.
Artha Sekuritas analyst Dennies Christopher Jordan explained that the JCI closed higher yesterday after weakening in the first trading session due to fears of high inflation still looming.
The Bank of China set the interest rate at 3.70 percent. Meanwhile, domestic sentiment is still driven by the dividend distribution season.
Thus, said Dennies, JCI is predicted to weaken in today's trading. Technically, the candlestick forms a hanging man with the stochastic forming a golden cross in the oversold area indicating a potential rebound.
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"Movement is expected to be limited ahead of Bank Indonesia's RDG in the middle of the week. JCI is expected to be supported by the dividend distribution season," said Dennies in his research.
Furthermore, Dennies estimates that the JCI will move at support levels of 6,820 and 6,898 as well as resistance at 7,015 and 7,054. The stocks that Dennies recommends for today's trading are PT Erajaya Swasembada Tbk (ERAA), PT Mitra Keluarga Karyasehat Tbk (MIKA), and PT Barito Pacific Tbk (BRPT).
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