Market Recap
JCI continued to rally after the net foreign buy of USD54.8 million, the highest since July 26th. Top Gainers: Infrastructure (+1.85%), Mining (+0.78%), Consumer (+0.57%).
The U.S. stocks notched higher after snapping to the highest position. Meanwhile, the global stocks snapped mixed. The global markets cheered the success of the trade negotiation between the U.S. and Mexico, and expected that the to-be-conducted trade negotiation between the U.S. and Canada will run smoothly.
Today’s Outlook: Expectancy of the U.S. and Canada Trade Deal
Today we estimate JCI to rally with the support range of 6008-6015 and resistance range of 6083-6096. The positive sentiment arises from the positive update of trade deal in the areas of North America. After reaching trade deal with Mexico, the U.S. is estimated to reach another trade deal with Canada. Investors responded to the positive result of trade deals as a stimulus capable of subduing the jitters arising from the global trade war tensions.
From domestic outlook, the positive sentiments come from the foreign net buy of USD54.8 million on yesterday’s trading session. The figures were the highest level within the last one month, and signaled the recovery in foreign investors’ confidence of Indonesia market.
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