JAKARTA - The Composite Stock Price Index (JCI) ended higher by 22.93 points or 0.33 percent to the level of 6,905.64 on Wednesday, June 26, 2024 trading.
As many as 294 stocks rose, 246 stocks decreased, and 249 stocks did not change prices in yesterday's trading. The transaction value reached Rp9.4 trillion
Yugen-Browing Sekuritas CEO William Surya Wijaya said that in yesterday's trading, Wednesday, June 26, 2024, the JCI managed to penetrate 6,894, now it is heading to 7,000.
According to William, strengthening the JCI without foreign net buys is proof that the strength of local investors is so large that it has succeeded in restoring the JCI to its current level.
"The transaction value is several times large, but more is happening in the negotiation market, it seems that there are many personal agendas behind this trade," he explained in his research, quoted on Thursday, June 27.
According to William, this strengthening occurs when the sentiments out there are negative, meaning the stock market has become a temporary focus that is considered capable of fending off these sentiments.
William said that FCA shares began to strengthen, the effect was small on the JCI, but it was seen that market participants were able to adapt to these stocks and had dared to speculate.
Apart from these factors, William said that it can also be seen that technically, the JCI did continue to strengthen with a follow-up target at the psychological level of 7,000.
"The JCI's volatility is still very high in this phase, plus after weakening since May 2024, it is very possible to start a time-consuming phase that takes time," he said.
Technically, William said that the JCI tried to strengthen again after successfully maintaining support at the psychological level of 6,700.
However, the JCI has yet to indicate a full reversal. There is still resistance at 6,894 and 7,000, it is estimated that there will be a consolidation movement before further strengthening.
William estimates that the JCI movement will strengthen in trading on Thursday, June 27.
"Paying attention to the factors above, today we project the JCI has the potential to move in a tendency to strengthen the range of 6,8877,000," he said.
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William recommended several stocks recommended in trading Thursday, June 27, 2024 as follows:
1. PT Astra International Tbk (ASII), wait and see, support 4,410, resistance 4,500. Trend following with the candlestick position weakens below MA5 and MA20; price movements form a degenerate triangle pattern, potentially continuing to weaken.
2. PT Indo Tambangraya Megah Tbk (ITMG), wait and see, support 22.000, resistance 24.250. Trend following with the candlestick position weaken below MA5 and MA20.
3. PT Malindo Feedmill Tbk (MAIN), buy, support 640, resistance 695. Price movements form a bullish flag pattern with neckline on 640 (confirmed).
4. PT Total Bangun Persada Tbk (TOTL), buy, support 535, resistance 600. Trend following with the candlestick position strengthened above MA5 and MA20.
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