JAKARTA - The movement of the Composite Stock Price Index (JCI) is expected to still be in trading on Wednesday, November 23, after yesterday's drop of 0.46 percent or 32.65 points to 7,030.58.
Kanaka Hita Solvera analyst William Wibowo said the JCI has the potential to be corrected by testing consolidation support around 6,955. JCI will support tests at 6,955 and 6,895, and resistance at 7,130.
From within the country, said William, today's JCI movement will still be influenced by the effect of increasing Bank Indonesia (BI) interest rates and the uncertainty of global conditions.
"Global uncertainty and the trend of rising Indonesian inflation will potentially affect the JCI movement," he said in research.
Meanwhile, Binaartha Sekuritas analyst Ivan Rosanova observed that the selling pressure will continue in tomorrow's trading so that it has the potential to suppress the JCI.
Technically, the JCI has the potential to re-test the psychological level at the level of 7,000 even to the position of 6,950 approaching the 50 percent Fibonacci retracement area from the JCI rally previously from mid-October to early November.
For today's trading, Ivan continued, he recommended BUMI, PGAS, ITMG, and PNLF shares.
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