Wall Street successfully closed in the green on (06/05), marked by strengthening in all three major markets. Investors are still hunting down cyclical sector stocks, in line with expectations of rising inflation. Another positive catalyst came from the release of weekly jobless claims data which fell to 498,000, better than analyst estimates.
Amid the strengthening of the majority of global stock exchanges, JCI continued its sideways trend. Market participants will be watching the release of data on foreign exchange reserves for April, which is expected to rise again. Towards the end of the week, JCI has the opportunity to experience a limited technical rebound in the range of 5,950 – 6,030.
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