JCI After Chinese Lunar Holiday Predicted To Strengthen

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to strengthen in today's trading, Wednesday, February 2, after closing down 0.21 percent at 6,631.15 last Monday.

Artha Sekuritas analyst Dennies Christopher Jordan said the JCI closed lower on Monday in line with the lack of sentiment ahead of the Lunar New Year holiday.

"In addition, concerns have resurfaced about a new wave of COVID-19 due to a significant increase in new cases," Dennies explained in his research.

He predicts the JCI will strengthen in today's trading. Technically, the candlestick formed a higher high and a higher low with increasing volume but the stochastic started to narrow indicating the range for the strengthening will be limited.

Dennies said investors will pay close attention to the release of inflation data from within the country as well as the development of new cases of COVID-19. Furthermore, Dennies estimates that the JCI will move at support levels of 6,599 and 6,615 and resistance at 6,658 and 6,685.

The stocks that Dennies recommends for trading tomorrow are PT PP Tbk (PTPP), PT Media Nusantara Citra Tbk (MNCN), and PT Dharma Satya Nusantara Tbk (DSNG).