JCI Is Projected To Strengthen On Weekend, Will It Return To All Time High?

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed its highest record or all time high (ATH) at the level of 7,373 in stock trading, Thursday, March 7. JCI is considered to still have the opportunity to continue its short-term strengthening.

CEO of PT Yugen Bertumbuh Sekuritas William Surya said that this weekend the JCI still has the potential to continue its short-term increase after successfully shifting its consolidation range to a better direction. According to William, one of the factors that support the JCI movement is the issuer's performance release season.

"Meanwhile, after the release of data on the foreign exchange reserves, which still shows that they are in a stable condition, it is also one of the supporting factors for the JCI movement," William said in his research.

Meanwhile, the Phintraco Sekuritas Research Team said that technically, the JCI was stuck at a strong resistance level at 7,375 after forming a rising window pattern, indicating an opportunity for consolidation between 7,350-7,385. However, the JCI managed to break the all time high record.

"Technically, the MACD indicator shows a golden cross signal and is validated by widening on the positive slope, while the Stochastic indicator tends to move up towards the oversold area. Thus, the JCI is expected to be consolidated in the range of 7,350-7,385 on Friday," wrote the Phintraco Sekuritas Research Team.

The stocks recommended by Phintraco Sekuritas in today's trading are ITMG, BBCA, AALI, BBNI, JSMR, and BSDE.