JCI Wednesday Potentially Weakens As The Impact Of Decreased Rupiah Exchange Rate

Illustration. (Photo: Doc. Antara)

JAKARTA - The movement of the Composite Stock Price Index (JCI) is estimated to weaken in today's trading, Wednesday, September 28, after closing yesterday at 7,112.44 or down 0.21 percent.

Artha Sekuritas analyst Dennies Christopher Jordan in his research explained that the JCI closed lower in line with the weakening of global stock markets and the decline in commodity prices, as well as the decline in the rupiah exchange rate which penetrated IDR 15,100 per US dollar.

"The movement is still lacking in driving sentiment, especially from within the country," said Dennies in his research.

Dennies predicts that the JCI will technically weaken in today's trading, the candlestick formed a lower high and a lower low testing the 50 MA support, the stochastic moved around the oversold area indicating the range of weakening is starting to be limited.

The movement will be influenced by fluctuations in the rupiah exchange rate which reached the level of Rp. 15,100 per US dollar. Investors will be watching the release of US consumer confidence data as well as a speech from the Fed governor.

Furthermore, Dennies estimates that the JCI will move at support levels of 7,048 and 7,080 as well as resistance at 7,138 and 7,164. The stocks that Dennies recommends for trading today are PT Wismilak Internasional Makmur Tbk (WIIM), PT Ramayana Lestari Sentosa Tbk (RALS), and PT XL Axiata Tbk (EXCL).