JCI Is Projected To Be Under Pressure This Weekend

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) this weekend, Friday, August 20, is estimated to be still in a downward trend, after yesterday's closing down 2.06 percent to a level of 5,992.

According to analyst of PT Reliance Sekuritas Indonesia Tbk (RELI), Lanjar Nafi Taulat Ibrahimsyah, technically the weakening that occurred in the JCI has confirmed the head and shoulders pattern and is stuck at the 200-Day Moving Average (MA200) support level.

"Bearish momentum is seen in the Stochastic and RSI indicators, and the MACD indicator has started to enter the negative area," said Lanjar, in his technical research.

He said, currently JCI will test the support level of the MA200 which is at 5,988 as a confirmation point for the next movement direction.

"So, the JCI is expected to move in a consolidated trend and try to stay at the MA200 support level, with the support-resistance range at 5,860-6,026," he explained.

Meanwhile, analyst at PT Indosurya Bersinar Sekuritas, William Suryawijaya, confirmed that the JCI movement in trading this weekend will be under pressure again. The support-resistance range is at the level of 5,872-6,123.

William said that the JCI this weekend will weaken in the short and medium term, while in the long term there is still potential for an increase.

"Today, the JCI has the potential to be depressed," he said.

Thus, explained William, the potential for further weakness in the JCI rate today can be addressed by investors by accumulating the purchase of shares of PT HM Sampoerna Tbk (HMSP), PT Wijaya Karya Tbk (WIKA), PT Alam Sutera Realty Tbk (ASRI), PT Pakuwon Jati Tbk (PWON), PT Summarecon Agung Tbk (SMRA), and PT Ciputra Development Tbk (CTRA).