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Jakarta, CNBC Indonesia – The Composite Stock Price Index (IHSG) in the first trading session on Wednesday (02/12/20) closed with a slight correction to the red with only 0.21 index points.
JCI turned green after investors responded to positive news about the Moderna and Pfizer corona vaccines, but profits were down as market players took profits after JCI soared last month.
Trade data pointed out that foreign investors made net purchases of Rs 15 billion on the normal market today with a current transaction value of Rs 13.4 trillion. It was noted that 202 stocks rose, 217 stocks fell and the remaining 181 stalled.
The main driving force for the domestic capital market, of course, comes mainly from the US jumbo stimulus factor, which will be discussed again and also from the news of the two corona vaccines, namely Pfizer and Moderna, which assesses the availability of vaccine distribution as assessed by the European Union Agency for Medicines, which may arise late. This year.
The global stock market, including Indonesia, is more fond of vaccine news, where when vaccine development is positive, market players think life is normal after mass vaccination will draw closer, so the wheels of the economy will turn again and benefit the capital market so that optimism to buy stocks is stronger.
The huge stimulus that Mnuchin and Pelosi will discuss will also bring positive news to the stock exchanges of emerging market countries, especially Indonesia, which remains the prima donna for this category.
When this jumbo stimulus melts, the circulation of the US dollar will rise until its value falls, so that domestic assets will become less attractive, so that global investors tend to move their funds to emerging market countries like Indonesia, which they will be ready for the entry of foreign funds.
Technical analysis
 Photo: Tri Putra / CNBC IndonesiaIHSG Technician |
JCI movement using the hourly (hourly) period of the Boillinger Band (BB) indicator via the upper bound (resistance) and lower bound (support) area method. Currently, JCI is in the upper bound area, so further movement in JCI has the potential for correction.
To convert the bias into bullish or strengthening, it is necessary to pass the resistance level that is located in the area of 5.843. Meanwhile, to continue the downtrend or decline, it is necessary to pass the support level located in the area of 5,780.
The Relative Strength Index (RSI) indicator is a momentum indicator that compares the amount of current price rise and fall over a period of time and serves to detect overbought conditions above the 70-80 level and oversold below the 70-80 level. level 30 20.
Currently, the RSI is in the 62 area which has not shown an overbought indicator, despite the RSI consolidating after previously approaching the overbought level. This generally indicates that JCI will tend to depreciate further.
In general, through a technical approach with the BB indicator in the upper bound area, the next move tends to be bearish or corrected. This is also confirmed by the appearance of the RSI indicator that has been consolidating to the downside.
The index must pass (break) one of the resistance or support levels to see the direction of the next move.
CNBC INDONESIA RESEARCH TEAM
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