Indonesia Market Recap

JCI rallied further yesterday amid the rally in global markets. Investor positively responded to Chinese President’s speech. Top Gainers : Finance (+1.85%), Infrastructure (+1.73%), Mining (+1.27%).

Today’s Outlook: The U.S. Inflation

Today we estimate JCI to be in bearish mood with the support range of 6290- 6295 and resistance range of 6347-6351. After two-day-back-to-back rally, it is potential for enduring correction ignited by markets expectation of tonight’s release of the U.S inflation. Based on consensus, the U.S. inflation of March likely settled at 2.4% higher than February’s inflation settling at 2.2%. Besides, investors should focus on Middle East’s geopolitical turmoil inextricably correlating with crude volatility.

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