JCI Is Expected To Weaken On Wednesday, The Impact Of Profit-Taking And Russia-Ukraine Tensions

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to weaken in today's trading, Wednesday, February 23 after yesterday's decline of 0.59 percent or 40.97 points so that it is parked at the level of 6,861.99.

Artha Sekuritas analyst Dennies Christopher Jordan said that the JCI closed lower in yesterday's trading, experiencing a correction after a significant gain in the past week. As a result, investors took profit-taking because the index's range of strengthening had reached the overvalued level.

As for today's trading, Dennis predicts the JCI will weaken. He explained that technically the candlestick, JCI formed a lower high and a lower low indicating a potential weakness.

"The impetus from profit-taking is expected to remain looming," said Dennies in his research.

In addition, from a global perspective, Dennies said that investors will still monitor the developments of the Russia-Ukraine conflict. On the other hand, he continued, domestic COVID-19 cases are still quite high even though they have started to fall in the last few days

Artha Sekuritas estimates that JCI will move with support at 6,821 and 6,782 and resistance at 6,901 and 6,942. The stocks that can be observed include PT Ciputra Development Tbk (CTRA), PT Media Nusantara Citra Tbk (MNCN), and PT Astra International Tbk (ASII).