The JCI is predicted to continue strengthening on Wednesday (7/4), this is the reason

ILLUSTRATION. JCI is predicted to strengthen again on Wednesday (7/4)

Reporter: Nur Qolbi | Editor: Anna Suci Perwitasari

KONTAN.CO.ID – JAKARTA. The Jakarta Composite Index (JCI) closed up 0.54% at 6,002.77 on Tuesday (6/4). Meanwhile, foreign investors recorded another sell-off with a net value of Rp 315.51 billion in all markets.

BCA Sekuritas analyst Achmad Yaki said the strengthening of the JCI today was in line with rebound that happened in the stock market of the United States (US) earlier this week. Coupled with the strengthening of the rupiah exchange rate along with the increase in commodity prices also supported the JCI.

For trading on Wednesday (6/4), Yaki predicts the JCI has the potential to strengthen even though it is prone to profit-taking profit taking. He projected that JCI would fluctuate with support at the level of 5,920 with resistance at 6,165.

“Still like today, the JCI movement tomorrow will still be influenced by commodity price sentiment and the rupiah exchange rate, as well as global market movements,” said Yaki when contacted by Kontan.co.id, Tuesday (6/4).

This is because economic data that can support the JCI, such as trade balance data and the Bank Indonesia Board of Governors Meeting (RDG BI), will only be released next week.

Meanwhile, Valdy Kurniawan, Phintraco Sekuritas analyst predicts, JCI has the opportunity to continue rebound. Technically, JCI is in support-resistance in the range 5,900-6,120. This projection is strengthened by the formation of a golden cross in the oversold area on the indicator stochastic RSI.

Also Read: The market wait and see, the exchange’s daily transactions tend to be quiet

According to Valdy, potential rebound technical on BBCA, BBNI and SMGR that entered the period cum cash dividend in trading on Wednesday (7/4) can also be supportive rebound IHSG.

“Another positive catalyst comes from the increased confidence of market players following the Indonesian Ministry of Health’s statement that Indonesia will again receive 10 million doses of Covid-19 vaccine from Sinovac in April 2021,” said Valdy.

Support also came because the government also plans to encourage the distribution of People’s Business Credit (KUR) by issuing a new policy regarding the increased KUR ceiling for MSME players.

Meanwhile, externally, market players are watching the results of the ongoing IMF / World Bank Spring Meetings.

Besides BBCA, BBNI, and SMGR, Valdy also advised market players to be aware of the potential for the continuation rebound technical on ADHI, PTPP, LANGUAGE, ADRO, ANTM, and TINS in trading Wednesday (7/4).

While Yaki is looking, an interesting stock to watch in tomorrow’s trade is BBCA, BBRI, INDF, ICBP, JPFA, LPPF, RALS, and CPO shares.