JCI Predicted Weakening Wednesday, Investors Will Pay Attention To Omicron Variant Developments

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) in today's trading, Wednesday, December 1, is predicted to weaken after yesterday's decline of 1.13 percent to the level of 6,533.93.

Artha Sekuritas analyst Dennies Christopher Jordan assessed that the weakening of the JCI to a bearish trend was influenced by concerns about the impact of the COVID-19 omicron variant. Singapore has begun to tighten the rules for the entry of tourists, so it is feared that there will be further tightening in Indonesia.

For today's trading, Dennies predicts that the JCI will continue its decline. Technically, the MACD indicator is moving in the distribution trend and the stochastic is down to the oversold area which indicates a weakening trend.

"However, the weakening is starting to be limited. Investors will pay close attention to developments related to the COVID-19 omicron. Domestically, investors will also pay attention to the release of inflation and manufacturing economic data," Dennies said in his research.

According to Dennies, today's JCI support will be at the level of 6,495. Meanwhile, resistance is at the level of 6,685.