JCI Is Being Flooded With Positive Sentiment, Bright And Cheerful Friday Morning At The Level Of 5,620

Indonesia Stock Exchange Building. (Angga Nugraha / VOI)

JAKARTA - The Jakarta Composite Index (IHSG) still looks bright today. At the opening of trading on Friday, November 20 at 09.02, the JCI was observed to have strengthened 0.48 percent or 26.86 points to a level of 5,620.92.

Opening the trade, 192 stocks rose, 34 stocks fell, and 174 stocks were stagnant. The trading volume was recorded at 632.81 million shares with a transaction value of IDR 343.87 billion.

JCI movement in today's trading has the potential to continue the upward trend, after yesterday ending in the green zone with a gain of 0.66 percent to the level of 5,594.

According to PT Binaartha Parama Sekuritas analyst, Muhammad Nafan Aji Gusta Utama, the JCI support-resistance range is at the level of 5,529-5,695.

"On the other hand, it indicates the potential for further strengthening in the JCI movement, so that the index has the opportunity to go to the nearest resistance level," Nafan said in his research.

He said the potential for further strengthening in the JCI rate this weekend could be exploited by investors by accumulating the purchase of shares of PT Ace Hardware Indonesia Tbk (ACES), PT Erajaya Swasembada Tbk (ERAA), PT Indofood Sukses Makmur Tbk (INDF), PT Krakatau Steel Tbk ( KRAS), and PT Chandra Asri Petrochemical Tbk (TPIA).

Meanwhile, an analyst at PT Reliance Sekuritas Indonesia Tbk (RELI), Lanjar Nafi Taulat Ibrahimsyah, said the JCI's movement was getting steadily playing above the resistance level of 5,550 and approaching 5,600.

"The flurry of positive sentiment since the beginning of the week has put JCI in the overvalued zone. JCI has the opportunity to re-test 5,600 resistance at the weekend, but it is important to pay attention to the potential for correction," said Lanjar.