JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to accelerate in the green zone in today's trading, Monday, October 30, after Friday's closing at 7,040.79 or an increase of 0.06 percent.
Artha Sekuritas analyst Dennies Christopher Jordan explained that the JCI closed slightly higher this weekend after moving in a negative area throughout the day driven by the rupiah exchange rate which reached IDR 15,200 per US dollar.
Dennies predicts JCI will strengthen again in this week's trading. Technically, the candlestick forms a hanging man with the stochastic forming a golden cross in the oversold level area indicating a potential rebound in the short term.
The movement will still be suppressed by fears of a potential hike in higher interest rates next month that will pressure the economy.
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Furthermore, Dennies estimates that the JCI will move at support levels of 6,877 and 6,958 and resistance at 7,088 and 7,1737.
The stocks that Dennies recommends for today's trading are PT Medco Energy Indonesia Tbk (MEDC), PT Bank Central Asia Tbk (BBCA), and PT Wismilak Internasional Makmur Tbk (WIIM).
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