Market Recap
JCI closed lower as the miscellaneous industry made the worse performance. Yet, at the end of the trading session, the consumer sector rallied, spurred by the consumer confidence index (IKK). Top Losers: Misc. Industry (-2.39%), Agriculture (-1.33%), Property (-1.30%).
Amid the jitters of 2019 murky economic outlook, the arrest of Huawei CFO is possible to escalate the tension of the U.S. and China trade war, constraining global markets, particularly the tech. sector. The U.S. markets closed mixed along with the Fed’s wait and see stance over the Fed’s rate.
Today’s Outlook: The Fed’s Halts Hike in Fed’s Rates
We estimate JCI to rally with the support range of 6086-6095 and the resistance range of 6157-6165. The positive sentiment comes from the Fed’s monetary stance as the Fed’s officials are discussing the Fed’s rates of 2019. The update report noted that the Fed halts the hike in 2019 rates and takes wait and see stance. The Fed’s stance is likely to fade the jitters of 2019 monetary tightening.
On the other side, global crude prices fail to strengthen as OPEC failed to reach agreement on curbing crude production. Investors await Indonesia’s forex reserves. In November, forex reserves are estimated to surge.
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