JCI has the potential to continue weakening on Wednesday (30/9), consider the following stocks

Reporter: Ika Puspitasari | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. Composite Stock Price Index (IHSG) was corrected again at the close of trading on Tuesday (29/9). JCI shrank 27.45 points or fell 0.56% to the level of 4,879.10. MNC Sekuritas analyst Herditya Wicaksana said, when viewed technically, the current JCI movement is still likely to be corrected.

“Coupled with the tendency of market players to wait and see in anticipation of the debate US election the first time, “said Herditya, Tuesday (29/9).

In addition, cases of the spread and the increasing death rate from Covid-19 are also a concern of the market. Furthermore, the market is looking forward to further stimulus being released in the midst of the Covid-19 pandemic.

Herditya estimated that JCI has the potential to weaken again and test the level support nearest 4,820 on Wednesday (30/9). Level resistance is in the 5,000 area. He recommended market players to apply trading be fast and keep an eye on the levels stop loss of each of its target shares.

Also Read: Lacking positive sentiment, there is still potential for the JCI to weaken again

Phintraco Sekuritas analyst Valdy Kurniawan conveyed the same thing. He predicted, JCI tends to weaken in the range support-resistance 4,830-4.950 on Wednesday trading (30/9).

According to Valdy, the attitude of market players towards Indonesia’s economic outlook is one of the factors that will influence the JCI movement. The World Bank recently revised Indonesia’s economic growth projections to a range of -1.6% to -2% for 2020 and 3% to 4.4% for 2021.

Meanwhile, from a technical point of view, IHSG is testing again critical level 4,880 followed by a widening slope between MA20 and MA50 indicators which indicate potential minor bearish continuation.

Valdy believes there are several stocks that can be observed on Wednesday’s trading (30/9) including: ADRO, PTBA, Untrim, ICBP, and PWON which indicates a continuation signal technical rebound/minor bullish reversal.

Also Read: The JCI fell 0.56% to 4,879 Tuesday (29/9), three shares of BUMN were sold by foreigners