JAKARTA - The movement of the Composite Stock Price Index (JCI) is predicted to rebound in today's trading, Thursday, July 7, after yesterday's decline of 0.85 percent to 6,646.41.
Artha Sekuritas analyst Dennies Christopher Jordan explained that the JCI closed lower due to high selling pressure driven by concerns over inflation and an increase in interest rates at the end of this month. In addition, the decline in commodity prices was also suppressed.
Dennis predicts the JCI will strengthen in tomorrow's trading. Technically, the candlestick has been stuck at the strong support for the lower Bollinger band with the stochastic reaching the oversold level. It is estimated that the movement will be driven mainly by big caps stocks which have weakened in the past week.
"The movement is expected to be limited because it is still overshadowed by concerns about inflation and rising interest rates," said Dennies in his research.
Furthermore, Dennies estimates that the JCI will move at support levels of 6,547 and 6,596 and resistance at 6,700 and 6,755. The stocks that Dennies recommends for trading tomorrow are PT Mitra Keluarga Karya Sehat Tbk (MIKA), PT Sarana Menara Nusantara Tbk (TOWR), and PT Bank Central Asia Tbk (BBCA).
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