JAKARTA - The Jakarta Composite Index (JCI) today, Friday, September 24, is expected to resume the upward process, after yesterday staying in positive territory with a gain of 0.56 percent to 6,142.
According to PT Reliance Sekuritas Indonesia Tbk (RELI) analyst, Lanjar Nafi Taulat Ibrahimsyah, so far the JCI movement is strong enough to maintain an uptrend pattern which is signaled to experience a whipsaw at the Moving Average 200-Day (MA200) level for the umpteenth time.
"The JCI still tends to be optimistic to test the next resistance level which is in the range of 6,150-6,189 even though the momentum looks quite high and has experienced bearishness on the Stochastic and RSI indicators," said Lanjar in his research.
Thus, Lanjar continued, the JCI movement in trading this weekend will continue to strengthen, with a support-resistance range at the level of 6,102-6,189. Therefore, Reliance Sekuritas recommends investors to collect shares of PT Ace Hardware Indonesia Tbk (ACES), PT Alam Sutera Realty Tbk (ASRI), PT Bank Negara Indonesia Tbk (BBNI), PT Bank Tabungan Negara Tbk (BBTN), PT Barito Pacific Tbk (BRPT), and PT Sarana Menara Nusantara Tbk (TOWR).
Meanwhile, analyst at PT Indosurya Bersinar Sekuritas, William Suryawijaya, said that the JCI, which still has the potential to strengthen, will be halted in the consolidation phase. The support-resistance range of the JCI is at the level of 5,969-6,202.
"The JCI hike is still seen as a technical rebound. An increase is still possible, considering that the JCI looks strong enough to maintain the closest support level," said William.
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