JCI On Wednesday Is Projected To Be Meweak, This Is An Analyst Explanation

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) is expected to weaken in today's trading, Wednesday, November 16 after closing at 7,035.50 or up 0.22 percent yesterday.

Artha Sekuritas analyst Dennies Christopher Jordan in his research explained that the JCI closed higher, driven by trade balance data which again recorded a surplus and the rupiah exchange rate which slightly strengthened in the last two days.

"The movement was also driven by the distribution of interim dividends from several issuers," said Dennies in his research.

Dennies predicts the JCI will weaken in tomorrow's trading. Technically, the candlestick forms a higher high and a higher low as well as an indicator of MACD moving towards distribution.

JCI will touch the support levels of MA5 and MA20. Global investors will pay close attention to the results of the release of PPI data from the United States. Domestically, the rupiah exchange rate will be supported which is slightly strengthened.

Furthermore, Dennies estimates that the JCI will move at support levels of 6,978 and 7,006 and resistance at 7,055 and 7,076. The stocks that Dennies recommends for trading today are PT Wijaya Karya Tbk (WIKA), PT Sarana Menara Nusantara Tbk (TOWR), and PT Merdeka Cooper Gold Tbk (MDKA).