JCI is projected to weaken further, take a peek at stock recommendations for Monday (15/11)

Reporter: Akhmad Suryahadi | Editor: Anna Suci Perwitasari

KONTAN.CO.ID – JAKARTA. The Composite Stock Price Index (JCI) weakened 0.60% to 6,651,054 on Friday (12/11). However, foreign investors recorded net buying (net buy) worth Rp 39.28 billion in the regular market.

Jasa Utama Capital Sekuritas analyst Cheryl Tanuwijaya projects that the JCI will continue its weakening. JCI will move with 6,600 support and 6,700 resistance in trading tomorrow (15/11).

The JCI will also await the release of several economic data, starting from Indonesia’s annual export and import data, as well as Indonesia’s trade balance data in October 2021.

“The trade balance is estimated to be in a surplus condition, but not as high as in October,” explained Cheryl to Kontan.co.id, Friday (12/11). As an illustration, the trade balance surplus in September 2021 reached US$ 4.37 billion, or down from US$ 4.74 billion in the previous month.

Also Read: BI is projected to hold interest rates, this is the JCI prediction at the end of 2021

For tomorrow, investors can look at the shares of PT Unilever Indonesia Tbk (UNVR), PT Aneka Tambang Tbk (ANTME), PT Erajaya Swasembada Tbk (ERAA), PT Adaro Energy Tbk (ADRO), and PT Tower Bersama Infrastruktur Tbk (TBIG).

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan added that the JCI weakening on Friday (12/11) occurred after forming a new level. all-time high. The movement was exacerbated by concerns over the issue of inflation from the United States (US) and anticipation tapering what the Federal Reserve (The Fed) will do.

For trading at the beginning of the week, Monday (15/11), JCI is predicted to continue weakening with support levels at 6,626 to 6,606. Meanwhile, level resistance at 6,694 to 6,738.

Technically, Dennies mentions candlestick shape long black body with a sufficiently high volume and stochastic which forms deadcross movement is expected to tend to weaken.

According to Dennis, investors will continue to pay close attention to US inflation and plans tapering. Meanwhile, from within the country, investors will pay close attention to the release of trade balance data.