JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to be corrected again in today's trading, Wednesday, April 20, after yesterday's closing at 7.199.23 or down 1.05 percent.
The JCI yesterday had recorded the highest position at the level of 7.297.39. Artha Sekuritas analyst Dennies Christopher Jordan, in his research, explained that the JCI closed lower, driven by profit-taking after rising significantly in the past week.
"This weakening is in line with the weakening of the US stock market which was depressed due to expectations of an increase in interest rates," he said.
Dennis predicts the JCI will weaken again in today's trading. Technically, the candlestick formed a long black body with the stochastic forming a deadcross and the MACD starting to enter the distribution phase indicating potential weakness.
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"It is estimated that profit-taking will continue and will be overshadowed by global pressure. Domestic movement is still supported by performance releases and dividend distribution," he explained.
Dennies estimates that the JCI will move at support levels of 7.133 and 7.166 and resistance at 7.264 and 7.329. The stocks that Dennies recommends for trading tomorrow are PT Indika Energy Tbk (INDY), PT Medco Energy Tbk (MEDC), and PT Sawit Sumbermas Sarana Tbk (SSMS).
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