JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to continue its correction in today's trading, Tuesday, April 26, after yesterday it was closed at 7,215.97, or down 0.13 percent.
JCI yesterday had recorded its lowest position at the level of 7,121.86. Artha Sekuritas analyst Dennies Christopher Jordan in his research explained that the JCI closed lower due to profit-taking this week which was shorter ahead of the long Eid al-Fitr holiday.
"Weakening is also driven by global concerns where the Fed's interest rates will rise next month," said Dennies in his research.
Dennis predicts the JCI will weaken in today's trading. Technically, the JCI movement formed a lower high and a lower low with the stochastic forming a dead cross indicating potential weakness.
"Investors will pay close attention to the FDI data that will be released. Movement throughout the week is expected to be limited and correction is driven by profit-taking ahead of the long Eid holiday," he explained.
Furthermore, Dennies estimates that the JCI will move at support levels of 7,077 and 7,146 and resistance at 7,259 and 7,303. The stocks that Dennies recommends for trading today are PT Pakuwon Jati Tbk (PWON), PT Telkom Indonesia Tbk (TLKM), PT Kalbe Farma Tbk (KLBF).
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