JCI Will Weak On The Last Day Of Trade 2022?

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to be corrected in trading on Thursday, December 29, which is the last day of stock exchange trading in 2022.

Yugen Growing Sekuritas said the JCI was in a reasonable correction phase in today's trading and would be traded in the range of 6,789-6,956.

Yugen Bertumbuh Sekuritas explained that the JCI movement was currently seen going through a reasonable corrected phase. After experiencing a short-term increase some time before.

"However, the potential for a limited increase is still possible to occur towards the end of the year," wrote Yugen Bertumbuh Sekuritas in his research.

Yugen Bertumbuh Sekuritas added that the strong fundamentals of the Indonesian economy are also a support for the JCI movement. This can be seen from the economic data that has been released some time ago.

"In addition, the recorded capital inflow year to date (ytd) also still shows the confidence of foreign investors in the Indonesian capital market," added Yugen Bertumbuh Sekuritas.

Yugen Grows Sekuritas recommends eight selected stocks that there is still a cuan opportunity ahead of the end of stock exchange trading in 2022. The eight stocks are BBCA, AKRA, ICBP, SMGR, BMRI, JSMR, BSDE, TBIG.

Meanwhile, Head of Research Phintraco Sekuritas Valdy Kurniawan assessed that technically, RSI stochastic formed a death cross in the overbought area and there was a positive slope narrowing in MACD. Both of them strengthened the signal of continued corrections to the JCI this Thursday.

"The JCI resistance is at 6,940, pivot 6,850-6,900, and support is 6,770," added Valdy.

The JCI's positive catalyst comes from China's efforts to ease its COVID-19 restrictions by the Chinese government. In addition, Russia's decision to stop crude oil exports to countries that impose price caps encourages strengthening at world crude prices also has the potential to lift risky assets.

Valdy recommends that investors pay close attention to blue chip stocks that have potential rebounds such as ADRO, PGAS, TOWR, and MNCN in the last trading exchange this year.