JAKARTA – Composite Stock Price Index (IHSG) is predicted to strengthen in today’s trading. JCI will be in the range of 6,070-6,156.
Reliance Sekuritas analyst Lanjar Nafi said, technically the JCI weakening broke out of support and confirmed the break out of the 50-day moving average. The move will test the 200-day moving average as a fairly strong support and as a confirmation of the direction of further movement. If this rebound is successful, it will be a short-term positive signal and vice versa.
“The stochastic and RSI indicators provide more bearish signals from the overbought area, so technically the JCI still has the potential to try to rebound to test the MA200 support with support and resistance at 5,990-6,061,” said Lanjar in his research, Monday (30/8/2021).
Stocks that are still technically observable include; ACES, ADRO, AGII, ANTM, BBNI, ERAA, PTBA, UNTR.
Previously, the JCI closed down 16.71 points or 0.28 percent to 6,041 at the end of the week after slightly strengthening at the beginning of the trading session. Investors took action to wait for the Fed’s meeting to mention the prospect of a stimulus in the US which could result in capital outflows to emerging market countries in the short term.
Concern over exchange rate volatility due to capital outflows is one factor. The infrastructure sector index (-0.96%) and Energy (-0.77%) became the bearers with the Technology (+2.58%) and Healthcare (+0.41%) sector indexes which strengthened failed to bring the JCI back into the positive zone at the end of the session.
Leader:
DCII, SMMA, EMTK, BBNI, MEGA
Laggard:
BBCA, ARTO, TLKM, BBRI, TPIA
Meanwhile, Asian stocks have the potential to rebound at the beginning of the week after US equities rallied to a new record and treasuries rose at the end of last week. Jerome Powell indicated a cautious and gradual withdrawal of stimulus where he said the Fed may start cutting back on bond purchases this year but would not rush to raise interest rates and would continue to be guided by data to weigh risks from the delta variant.
Investors will await this week’s US jobs data to see if it can mark a strong enough recovery for the taper tantrum. In Asia Beijing’s regulation of private industry will remain the main focus of investors.
The majority of commodities experienced strengthening from energy commodities to metals. WTI crude oil prices were up 1.96%, Coal was up 1.43%, Nickel was up 1.09% and Tin was up 0.77%. From this sentiment, the JCI has the potential to strengthen at the beginning of the week.
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