[ad_1]
Jakarta, CNBC Indonesia – The Composite Stock Price Index (CSPI) in trading session I on Tuesday (04/14/2020) rose 0.45% to 4,644.67, underpinned by stronger sentiment from Asian exchanges because the data China’s trade balance for March turned out to be better than expected Analysts.
According to data from the Indonesian Stock Exchange (IDX), in session I the value of the transaction was Rp 2.9 trillion with net sales (net sale) Foreign investors of Rp. 254.29 billion in the regular and trading markets.
Actions driving JCI strengthening include shares in PT Semen Baturaja Tbk (SMBR) (17.07%), PT Envy Technologies Indonesia Tbk (ENVY) (16.07%), PT Erajaya Swasembada Tbk (ERAA) (12, 74% ), while PT Soechi Lines Tbk (SOCI) (11.61%) and PT Matahari Department Store Tbk (LPPF) (10.39%).
The strengthening of the CSPI responded positively to the March Chinese balance of trade report, which was better than expected and followed the performance of other Asian stock markets.
According to Chinese trade balance data, the value of exports fell 6.6% and imports fell 0.9% in March on an annual basis (year after year /YoY) According to Chinese customs or customs figures, this figure has fallen well below 10% or less than forecast by a survey of Bloomberg economists.
In Trading Session II, JCI is expected to continue to strengthen in response to Chinese data.
Technically, JCI is trying to touch the Fibonacci retracement area of 23.6%, indicating an increase.
See technical analysis below.
 Photo: Revinitif |
Technical analysis
JCI movement using the Moving Average indicator for period 5 (MA-5), which means that movement is based on 5 the bar or the previous bar in terms of an average closing price per the bar still stable still moving in the area pivot because the stem or candle which is right on the MA-5 line.
Currently trying to break the Fibonacci area of 23.6% at 4,722.97, while to change the downtrend it is necessary to pass the Fibonacci area of 38.2% at 4,568.05.
While the stochastic indicator through the oversold point area determination method (oversold) at 80% and the overbought area (overbought) to 20% with the MA line trying to move above the 80% area giving an additional rising signal.
Overall, fundamentals of China’s trade balance data are better than expected combined with technical trends that also show trends bullish JCI then attempted to penetrate 23.6% of the Fibonacci area. Therefore, JCI movement is predicted to increase later.
I need to pass (to break) one of the Fibonacci retracement levels, to see the direction of the next move.
CNBC INDONESIA INVESTIGATION TEAM
[Gambas:Video CNBC]
(har / bag)
