JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to continue its strengthening in today's trading, Wednesday, March 23, after yesterday breaking its all-time highest closing record at 7.000.82 or up 0.66 percent.
JCI had recorded the highest position at the level of 7.003.26. Noted, 303 stocks rose, 205 stocks weakened and 175 stocks moved in place. Foreign investors recorded a net foreign buy of IDR 771.96 billion in all markets.
Artha Sekuritas analyst Dennies Christopher Jordan in his report explained that the JCI closed higher at an all-time high after investors responded to developments in the Russia-Ukraine war indicating there would be negotiations for peace.
In addition, the increase in crude oil prices also pushed up stocks in the energy sector. Dennis predicts JCI will strengthen again today.
Technically, the current movement is still in the bullish trend, which is quite strong after being closed at the all time high level accompanied by the stochastic indicator forming a golden cross.
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"Investors will still be watching developments from the Russia-Ukraine war and watching the Fed's speech regarding future economic policies," Dennies said in his research.
Furthermore, Dennies estimates that JCI will move at support levels of 6.955 and 6.977 as well as resistance at 7.012 and 7.025. The stocks that Dennies recommends for trading today are PT Astra International Tbk (ASII), PT Erajaya Swasembada Citra Tbk (ERAA), PT Ciputra Development Tbk (CTRA).
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