JAKARTA - The movement of the Composite Stock Price Index (JCI) is estimated to weaken in today's trading Monday, October 10, after last weekend closed at 7,026.78 or down 0.70 percent.
Artha Sekuritas analyst Dennies Christopher Jordan explained that the JCI last weekend closed lower in line with the weakening of the US and European stock markets. The move weighed on concerns of a higher interest rate hike in November after some worse-than-expected US economic data.
Dennis predicts the JCI will weaken in today's trading. Technically, the candlestick formed a long black body with the stochastic forming a deadcross indicating potential weakness with the nearest support at the lower bollinger band.
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Investors will pay close attention to developments in the rupiah exchange rate, on the other hand, the movement will still be suppressed by expectations of higher interest rates next month.
Furthermore, Dennies estimates that JCI will move at support levels of 6.965 and 6.995 and resistance at 7.068 and 7.111. Meanwhile, several stocks that Dennies recommends for trading today are PT Medco Energy Indonesia Tbk (MEDC), PT Erajaya Swasembada Tbk (ERAA), and PT Adaro Energy Indonesia Tbk (ADRO).
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