JAKARTA - The Composite Stock Price Index (JCI) has the potential to move in the range of 6,000-6,200 on today's trading, Friday, May 29, after on Tuesday, May 26, it closed down 1.23 percent to 6,130.1.
Phintraco Sekuritas in its research explained that the trigger for the index's weakening was among others due to profit taking ahead of the holiday and MSCI rebalancing. The rupiah weakened 0.29 percent to Rp17,795 per US dollar last Tuesday even though the US dollar index also weakened.
The latest US attack in southern Iran targeting Iranian missile sites and ships allegedly attempting to place mines, amid growing hopes for peace, has also been a negative sentiment.
Nevertheless, crude oil prices weakened by more than 3 percent on Tuesday. The industrial sector recorded the largest weakness (3.38 percent), while the infrastructure sector recorded the largest strength (0.18 percent).
Technically, the Stochastic RSI is still showing a reversal towards the pivot and the narrowing of the negative histogram of the MACD continues.
"So it is estimated that the JCI has the potential to move in the range of 6,000-6,200 on Friday trading," wrote Phintraco Sekuritas.
Meanwhile, MNC Sekuritas predicts that the next expected correction area of the JCI will test 5,899 and its support area.
MNC Sekuritas recommends four stocks for trading today, namely BBTN, BREN, BRPT and EMAS.
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