Analysts Bring Good News, JCI At The Beginning Of The Week Has A Chance To Strengthen To The Level Of 6,500

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) in today's trading will try to break the psychological level of 6,500, after last weekend was able to hold on to the positive trend and closed up 1.02 percent to 6,481.

According to PT Binaartha Sekuritas analyst, Ivan Rosanova, currently the JCI is trying to move higher to the area above the nearest resistance level at 6,505.

"However, after experiencing a strong rally over the last two weeks, it is necessary to consider a potential correction in Wave B before the next upward phase," said Ivan, in his research.

He mentioned that the support levels of the JCI are at 6,379, 6,306 and 6,247, while resistance is at 6,505, 6,617 and 6,686. Ivan said, so far the MACD indicator still shows a continued uptrend pattern.

Thus, he explained, the JCI movement, which still has the opportunity to move higher, can be utilized by investors by accumulating the purchase of shares of PT Aneka Tambang Tbk (ANTM), PT Astra International Tbk (ASII), PT Indofood Sukses Makmur Tbk (INDF), and PT. Kalbe Farma Tbk (KLBF).

Meanwhile, analyst of PT Pilarmas Investindo Sekuritas, Maximilianus Nico Demus, estimates that the JCI movement at the close of trading today will experience a correction, although at the beginning of the transaction there is still limited potential for strengthening.

"Based on technical analysis, we see that the JCI currently has limited opportunities to move higher, with the potential for correction at the end of trading," said Nico Demus.

He said earlier this week the JCI would be traded in the range of 6,395-6,507. "The 6,500 level will be a new level to be tested, although the JCI has the potential to be large enough to undergo a correction first," he said.

He further said that the JCI movement had positive sentiments from within the country related to the implementation of the second volume of the tax amnesty policy which will take place during the period from January 1, 2022 to June 30, 2022.

"Based on historical data in 2016, the government implemented the first volume of tax amnesty. The tax amnesty program gave positive sentiment to the stock market," said Ivan.

However, he continued, investors are worried that the discussion on the revision of the Taxation Law regarding the second volume of the tax amnesty could cause political turmoil, as happened during the discussion of the Job Creation Law.

"Investors are advised to pay closer attention to market conditions in the short and medium term. If political turmoil arises, it is better for investors to leave the market first," he explained.