JAKARTA - The Composite Stock Price Index (JCI) is expected to continue its strengthening trend earlier this week, Monday, November 10. Kiwoom Sekuritas Indonesia in its research said that the JCI has room for increased even though it is limited after recording strong rallies over the past week.
"JCI has the opportunity to move mixed tends to strengthen limitedly in the support range at 8,320 and resistance at 8,450," explained Kiwoom Sekuritas.
Furthermore, it is explained that technical indicators such as MACD show a strengthening of trends, while RSI is also experiencing an increase, which indicates that positive momentum is still maintained.
"Technically, the JCI is still in the uptrend phase. As long as it does not penetrate the support level 8,320, the opportunity for strengthening is still open," explained Kiwoom Sekuritas.
Meanwhile, MNC Sekuritas in his research assessed that the JCI still has the potential to continue strengthening in the near future, with a test target area of 8,423-8,454.
Foreign inflows that re-enter the domestic stock market are the main catalysts for strengthening the index, although it is possible that there will be a reasonable correction due to profit-taking from short-term investors.
"We observe that there is an opportunity for the JCI to continue strengthening, supported by market optimism for domestic economic conditions and the stable rupiah exchange rate," explained MNC Sekuritas.
BACA JUGA:
In terms of technicality, MNC Sekuritas noted that a number of stocks have the potential to be an attractive option in the short term, including PT Petrindo Jaya Kreasi Tbk (CUAN), PT Cisarua Mountain Dairy Tbk (CMRY), and PT Unilever Indonesia Tbk (UNVR).
"The three stocks show a fairly solid strengthening pattern and have the potential to continue the rebound, especially if the JCI is able to stay above the 8,320 level," explained MNC Sekuritas.
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