JAKARTA (TheInsiderStories) - Indonesian shares are expected to be mixed today on cautious on volatility of global stock market on back of concerns that the Fed may raise its interest rates, analysts say.
Last Friday, the Jakarta Composite Index (JCI) closed down 89 points or down 1.66 percent to 5,281 points. The JCI fell to below support level of 5,300 after moving sideways, raising concerns that the JCI may in bearish mood in the short term.
At the end of the week, in Wall Street, DJIA rose 1.32 percent, S&P500 gained 1.47 percent and Nasdaq added 1.68 percent, while euro stocks mostly declined, with FTSE fell 1.12 percent, DAX weakened to 1.34 percent and CAC in France fell 1.15 percent. In Asia, Nikkei weakened by 1.73 percent, Hang Seng plunged by 3.36 percent and SSE in Shanghai fell 1.85 percent.
Indonesian stock market closed on Monday for public holiday.
Reza Priyambada, head of research of NH Korindo Securities Indonesia, projected the JCI to move within support level of 5,250-5,267 points and resistance lvel of 5,345-5,415 this week. Technically, the JCI is expected to stay within middle bollinger band (UBB). Market players are likely to watch closely the US economic and domestic data (export-import).
“We projected the JCI to move flat and may try to rebound, taking advantage of previous declines. However, market players need to be cautious,” he said.
Today’s menu (NH Korindo):
PTBA 10100-10600 | Inverted hammer indicating bullish reversal. Price still maintain at MBB
LPPF 18000-19100 | Spinning candlestick indicating bullish reversal. Price traded belowLBB
SMGR 10050-10550 | Inverted hammer indicating bullish reversal. RSI and volume still flat
SRIL 256-268 |Longshadowed candlestick after downtrend indicating bullish reversal possibility. RSI has formed goldencross to overbought area
ISSP 238-254 | Tweezers top close to MBB. Stochastic looks decline but tend to limited
LINK 4550-4780 | White candlestick indicating bullish continuing. Stochastic indicator still goes up to overbought area
LPKR 1040-1125 | Spinning candlestick indicating bullish reversal. Stochastic and RSI indicator trying to bounced back from oversold area.
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