JCI On Wednesday Opened Up 0.21 Percent To 5,473.99 Level

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (IHSG) opened in the green zone on trading Wednesday, November 11. JCI opened higher by 0.21 percent or 11.26 points to 5,473.99.

Opening trades, 68 stocks rose, 27 stocks fell, and 35 stocks remained stagnant. The trading volume was recorded at 226.86 million shares with a transaction value of IDR279.18 billion.

JCI movement in today's trading has the opportunity to continue the upward trend, after yesterday ending in positive territory again with a 1.99 percent gain to the level of 5,462.

PT Binaartha Parama Sekuritas analyst, Muhammad Nafan Aji Gusta Utama said, JCI has the potential to experience an overbought condition. The JCI support-resistance range is at the level of 5,380-5,490.

"Technically it indicates a potential bullish continuation in the JCI movement, so that the index has the opportunity to go to the nearest resistance level," Nafan said in his research.

Thus, he explained, the potential for further strengthening in the JCI today could be utilized by investors by accumulating the purchase of shares of PT XL Axiata Tbk (EXCL), PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Kalbe Farma Tbk (KLBF), and PT. J Resources Asia Pasifik Tbk (PSAB).

A similar estimate was conveyed by PT Reliance Sekuritas Indonesia analyst, Lanjar Nafi Taulat Ibrahimsyah. He said the JCI movement which was overshadowed by profit taking would still remain in the green zone towards the resistance target of 5,500.

"JCI is still overshadowed by profit taking, so that the opportunity for further strengthening will be limited, with support-resistance at the level of 5,450-5,500," said Lanjar.

Furthermore, Lanjar said that the potential for limited strengthening of the JCI could be addressed by investors by accumulating shares of PT HM Sampoerna Tbk (HMSP), PT Gudang Garam Tbk (GGRM), PT Matahari Department Store Tbk (LPPF), PT Medco Energy Tbk (MEDC) , PT Harum Energy Tbk (HRUM).