JCI Tuesday Is Predicted To Strengthen, Here's The Reason

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to strengthen slightly for today's trading, Tuesday, August 30 after yesterday's slight decline of 0.04 percent or 3.20 points so that it parked at the level of 7,132.05.

Artha Sekuritas analyst Dennies Christopher Jordan said the JCI in yesterday's trading closed lower after moving in a negative area since the start of trading despite winning the weakening at the end of the session.

Dennies said today's index movement was driven by the Fed's speech at the end of last week signaling an increase in interest rates would still be aggressive. As for today's trading, Dennis predicts the JCI will rebound.

He explained that technically the candlestick, the JCI formed a hanging man indicating a potential rebound in the short term.

"The movement is expected to be limited, driven by sentiment of concern over the aggressive interest rate of the Fed as well as plans to lift the fuel subsidy from within the country," he wrote in daily research.

In addition, he revealed that investors will also pay close attention to the release of manufacturing data. For today's trading, Artha Sekuritas estimates JCI will move with support at 7,115 and 7,095 and resistance at 7,147 and 7,210.

The stocks that can be observed for today are PT Krakatau Steel Tbk (KRAS), PT Medco Energy Tbk (MEDC), and PT Sarana Menara Nusantara Tbk (TOWR).