IHSG Thursday Predicted To Continue Weakening Influenced By Several Factors

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to continue to weaken in today's trading, Thursday, June 30, after yesterday's correction of 0.77 percent to the level of 6,942.35.

Yesterday, foreign investors recorded a net foreign sell of IDR 1.03 trillion. Artha Sekuritas analyst Dennis Christopher Jordan said the JCI closed lower in yesterday's trading, in line with the weakening of the United States (US) stock market.

Concerns about inflation are heating up again after consumer confidence data released below expectations. Meanwhile, from within the country, there is still minimal driving sentiment.

"JCI is predicted to weaken in trading on Thursday June 30, resistance level 2 is at 7,040, resistance level 1 is at 6,991. Meanwhile support 1 is estimated at 6,917, and support 2 is at 6,892," said Dennies in the research.

According to Dennies, technically the JCI candlestick formed a lower high and a lower low with the stochastic widening after forming a deadcross. This indicates a potential weakness in the index.

"The weakening is expected to be limited as seen from the stochastic which has entered the oversold area," said Dennies.

Meanwhile, Kanaka Hita Solvera analyst Daniel Agustinus added that the JCI is still bearish in the short term. His projection is that the JCI support level will be at 6,942, while resistance will be at 6,987 in trading this Thursday.

Daniel explained that the main sentiment that affected the JCI was from the action of windows dressing in the second quarter of 2022. The market will also pay close attention to the release of the issuer's financial performance in the second quarter of 2022.