The Heat Of The Feud Between Russia And Ukraine Is Predicted To Set The JCI On Fire At The Weekend

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (CSPI) is estimated to weaken on Friday, February 25, after yesterday's 'fire' because it fell 102.23 points or 1.48 percent to the level of 6,817.82.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan observed that yesterday the JCI weakened after Russia officially declared war with Ukraine and destroyed the airbase of the Ukrainian air defense system. This prompted panic selling in the stock market.

The negative sentiment will still overshadow trading on the weekend of Friday, February 25. Meanwhile, from within the country, the lack of sentiment from economic data and the high number of COVID-19 cases also weighed on the movement.

"Technically, the candlestick forms a long black body with very high volume indicating a fairly strong bearish potential," said Dennies in his research.

For weekend trading, the JCI is projected to continue weakening with support levels at 6,740 to 6,663. Meanwhile, the resistance is at 6,911 to 7,005.

Meanwhile, CEO of PT Indosurya Bersinar Sekuritas William Surya Wijaya estimates the JCI will move in the range of 6,702 to 6,954. He observed that the JCI movement is still under pressure.

"Heating conditions among global countries have an impact on the global market so that it creates negative sentiments which have an impact on domestic market conditions," said William.