JAKARTA - The movement of the Composite Stock Price Index (JCI) has the potential to strengthen for trading today, Thursday, May 12, after yesterday it fell slightly by 0.05 percent or 3.59 points so that it parked at the level of 6,816.20.
Artha Sekuritas analyst Dennies Christopher said the JCI closed lower in yesterday's trading, although it had strengthened throughout the day, supported by bargain hunting by investors, who assessed that stocks, especially those with large capitalization, had entered an oversold phase.
On the other hand, Dennies said that the movement was still overshadowed by global uncertainty. As for today's trading, Dennies predicts the JCI will strengthen after experiencing a weakening rally after the long Eid holiday.
He explained technically the candlestick, JCI formed a higher high and a higher low with the stochastic forming a golden cross in the oversold area indicating a potential strengthening.
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"The strengthening is expected to be limited because the movement is still overshadowed by the uncertainty of global sentiment," said Dennies in his research.
Artha Sekuritas estimates JCI will move with support at 6,774 and 6,732 and resistance at 6,880 and 6,944. The stocks that can be observed today include PT Medco Energy International Tbk (MEDC), PT Perusahaan Gas Negara Tbk (PGAS), and PT Indofood Sukses Makmur Tbk (INDF).
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