JCI has scope to test the psychological 9,000 level, room for a short-term correction remains open.
JAKARTA – Jakarta Composite Index (JCI) is expected to move in fluctuation and tend to strengthen in Wednesday’s trading (7/1), after rising 0.84% to 8,933.61 in the previous session.
The index briefly printed a new intraday high at 8,940, and opened 0.18% higher as of 9:13 AM WIB today.
From a technical perspective, analysts at Phintraco Sekuritas said JCI still has room to test the psychological 9,000 level, in line with strengthening metal commodity prices and supportive domestic policies.
However, Phintraco analysts cautioned that short-term correction risks are increasing. “JCI has the potential to test the psychological 9,000 level, but is vulnerable to a minor pullback in the short term due to profit taking,” Phintraco analysts said in a note released today.
On the domestic front, market sentiment continues to receive support from government policies aimed at boosting household purchasing power. One such measure is the exemption from Article 21 income tax (PPh 21) throughout 2026 for workers in labour-intensive sectors earning below IDR 10 million per month.
Technically, Phintraco analysts noted that the MACD histogram remains positive and continues to strengthen in line with rising buying volume, while the stochastic RSI is moving higher towards the overbought area.
Meanwhile, analysts at CGS International Sekuritas said the gains on Wall Street in Tuesday’s trading, along with higher commodity prices, could provide positive sentiment.
“JCI is expected to continue its advance, with support in the range of 8,830/8,725 and resistance at 9,040/9,140,” CGS International analysts said. (KR/ZH)
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