ILLUSTRATION. The screen displays the movement of stock trading at the Indonesia Stock Exchange building, Jakarta. BETWEEN PHOTOS / Hafidz Mubarak A / wsj.
Reporter: Kenia Intan | Editor: Herlina Kartika Dewi
KONTAN.CO.ID – JAKARTA. On Monday (30/11) trading, the Jakarta Composite Index (JCI) closed down 2.95% to 5,612 levels.
Reliance Sekuritas analyst Lanjar Nafi observed, stocks of the infrastructure sector, various industries and financial sectors that declined the most today. Quoting IDX data, the infrastructure, utilities, and transportation sectors were depressed by 5%. After that, the miscellaneous industry sector declined by 3.94% and the financial sector declined by 3.31%.
“Investors are seen doing portfolio rebalancing at the end of November to welcome the end of the year which is still haunted by the uncertainty of vaccinations” he explained in a research received by Kontan.co.id, Monday (30/11).
For trading on Tuesday (1/12), Lanjar sees that technically, JCI has the potential to continue weakening after breaking out of support for MA5 which was a strong support during November.
He further explained that the wave 3 pattern of the elliot wave cycle seems to have ended and is trying to form wave 4 which has an ideal target for FR at around 5,500. The stochastic dead-cross indicator is in the oversold area with the MACD indicator showing negative divergence in the overvalue zone.
“So technically, JCI has the potential to weaken to test MA20 support in the range of 5,500 with support for resistance 5,500 to 5,660,” he wrote in his research, Monday (30/11).
As for stocks that have begun to be observed technically, such as ACES, ASII, BBCA, CPIN, ERAA, and KLBF.
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Reporter: Kenia Intan
Editor: Herlina Kartika Dewi