JCI Wednesday Potentially Continues To Weaken Level 7,000

Illustration. (Photo: Doc. Antara)

JAKARTA - The Composite Stock Price Index (JCI) closed down in trading last Tuesday, September 26. JCI slumped 1.07 percent or 74.58 points to the level of 6,923.80.

Phintraco Sekuritas analyst Alrich Paskalis Tambolang in his research said the JCI has the potential to continue its weakening with support of 6,900 and resistance of 6,950 in trading Wednesday, September 27.

This weakening was followed by the formation of a death cross in the overbought area at the Stochastic RSI and validated with a death cross on the MACD and MA20 (6,970) break low. This condition strengthens further indications of weakening.

From external, sentiment comes from market players who are worried about the negative impact in the event of a US government shutdown which requires stopping some of the institution's functions there.

Investors are also waiting for the results of a speech from Federal Reserve Chairman Jerome Powell at a Town Hall meeting with a number of teaching staff on Thursday.

On the other hand, there are several positive expectations regarding the release of a number of economic data. The US will release data on GDP in the second quarter which is estimated to grow 2.2 percent YoY.

GDP in the second quarter of 2023 England is estimated to grow 0.4 percent YoY from the previous 0.2 percent YoY. In addition, the European Region will also release inflation data in September 2023 which is expected to slow down to 4.6% YoY.

Alrich's preferred stocks are speculative buys for Miratel (MTEL), PT Midi Utama Indonesia Tbk (MIDI), PT Ace Hardware Indonesia Tbk (ACES) as well as trading buys for PT Telkom Indonesia (TLKM), PT Astra International Tbk (ASII), PT Sumber Alfaria Trijaya Tbk (AMRT), and PT Elang Mahkota Teknologi (EMTK).