Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) had shot up almost 0.5% in early trading Tuesday (24/8), but then turned down 0.92% due to profit-taking (profit taking). At the end of trading, the JCI managed to cut its decline to 0.33% to 6,089.49.
The JCI mark was hit by action profit taking seen from weakening alone in Asia, other stock markets are compact green. Foreign investors also took net buying (net buy) of Rp. 76 billion.
There are also many positive sentiments from within the country, the government has lowered the imposition of restrictions on community activities from level 4 to level 3 in several districts in Java-Bali, including Jabodetabek.
“For the islands of Java and Bali, the agglomeration areas of Jabodetabek, Greater Bandung, Greater Surabaya, and several other city/district areas can already be at level 3 starting August 24, 2021,” said President Joko Widodo (Jokowi), Monday (23/8/2020). 2021).
With this decline, of course, there will be some more easing, which can make the wheels of business spin faster.
Moreover, the addition of cases of disease due to the corona virus (Covid-19) in Indonesia is below 10,000 people per day on Monday.
Although yesterday it was reported that it had increased again to 19,106 people, the Coordinating Minister for Maritime Affairs and Investment who is also the coordinator of the Implementation of the Java-Bali Community Activity Restrictions (PPKM), Luhut Binsar Pandjaitan, had previously stated that there would be an increase in cases in the next few days because it was related to data correction. what the government is doing.
Luhut said there are several hundred or thousands of data which will gradually be released in the next 10 days. This is due to the problem of coordinating data with data supply from the regions.
Meanwhile, from the external side, the stock market of the United States (US) turned green again on Tuesday’s trading local time. The S&P 500 and Nasdaq indexes scored all-time highs, of course, could push the JCI back up in today’s trading, Wednesday (25/8/2021).
Technically, even though the JCI was corrected, it was still able to stay above the 50-day moving average (50/MA 50 moving average). Thus, the JCI is now moving above the 3 MAs, namely MA 50, 100, and 200, which provides potential for further strengthening.
|
Graph: Daily JCI Foto: Refinitiv- – |
In addition, the JCI also formed the White Marubozu pattern. Something candle stick is said to form a White Marubozu pattern when the price open equal to low and close equal to high.
White Marubozu is a signal that the value of an asset will strengthen again, psychologically indicating that buying is dominating the market.
The closest resistance is around 6,115, if penetrated, JCI has the chance to strengthen to 6,150, before heading to 6,180.
Meanwhile, support is in the range of 6,070 to 6,060 which is the 50 MA. If it is consistently penetrated this time, the JCI is at risk of falling to the psychological level of 6,000.
CNBC INDONESIA RESEARCH TEAM
(pap / pap)
– .
