JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to reverse lower in today's trading, Wednesday, April 27 after parking at 7.232.15 yesterday, or up 0.22 percent.
JCI yesterday had recorded its lowest position at the level of 7.161.65. Artha Sekuritas analyst Dennies Christopher explained that the JCI closed slightly higher after being corrected during the first session.
"This movement is in response to bargain hunting after the weakening a few days ago. However, purchasing power is not high enough ahead of the long holiday," said Dennies in his research.
Dennis predicts the JCI will turn lower in today's trading. Technically, the candlestick forms a doji in a short-term weakening trend.
"Selling pressure is starting to decrease. It is estimated that movement will still be limited ahead of the long holiday," he explained.
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On the other hand, he continued, investors will pay close attention to several economic data to be released, especially from the United States. Furthermore, Dennies estimates that the JCI will move at support levels of 7.127 and 7.179 and resistance at 7.265 and 7.299.
The stocks that Dennies recommends for trading today are PT Pakuwon Jati Tbk (PWON), PT Telkom Indonesia Tbk (TLKM), PT Matahari Putra Prima Tbk (MPPA).
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