Home » Business » Already rallied for 7 days in a row, how is the movement of IHSG this Wednesday (14/10)?

Already rallied for 7 days in a row, how is the movement of IHSG this Wednesday (14/10)?

KONTAN.CO.ID – JAKARTA. The Composite Stock Price Index (JCI) continued to rally and rose 0.78% to 5,132.57, Tuesday (13/10). The strengthening of the JCI this Wednesday (14/10) is predicted to be on hold.

Lanjar Nafi Analyst Reliance Securities says, today’s IHSG movement will technically move break out resistance MA50 and reached the resistance target of the upper bollinger bands. The moving stochastic indicator is starting to saturate with the MACD indicator moving stronger and the histogram is high enough to be one of the movement signals that are starting to halt.

Thus, in the next trade, technically, it has the potential to start moving halted, overshadowed by profit taking with support and resistance at 5,100-5,160. Lanjar said that stocks that can be examined technically include LPPF, SMBR, IMAS, ITMG, PTPP, SMCB, PGAS.

Also Read: LQ45 stocks: JCI accelerated, PWON rose 6 days, BTPS, CTRA, ERAA, WSKT, AKRA rose 4 days

Yesterday, the JCI rose 39.47 points to the level of 5,132.57 although it was weak at the beginning of the trading session due to negative sentiment from the continuing demonstrations of demonstrators regarding the Job Creation Bill. Financial sector stocks still managed to gain 1.80%. This is due to optimism after Bank Indonesia held its benchmark interest rate at 4%.

This decision takes into account the need to maintain rupiah exchange rate stability amid low inflation. Bank Indonesia sees that the domestic recovery is improving, mainly driven by fiscal stimulus and exports. Export activity has also improved on the back of continued global demand, particularly the US and China, for steel, pulp and paper and textile products. Foreign investors recorded a net sell of IDR 55.69 billion.

The majority of Asian bourses closed positive yesterday. Nikkei Index rose 0.18%, TOPIX rose 0.35%, HangSeng 2.20% and CSI300 rose 0.33%, accompanying investor optimism about rising stocks in Hong Kong and the PBOC’s aggressive steps to maintain export activity.

European bourses opened trading weaker as investors weighed a potential setback on progress towards a Covid-19 virus vaccine ahead of a busy period for corporate earnings.

Oil prices have fluctuated after slumping with workers in the US Gulf returning after the Hurricane Delta landings and Libya taking big steps to reopen its biggest fields. Furthermore, the driving force is still related to the prospect of stimulus in the US which has reached a dead end.

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