Indonesian Market Recap
JCI snapped into rally on Friday as investors awaited the release of Indonesia’s economic growth data. Top Gainers : Misc (+1.19%), Trade (+0.73%), finance (+0.68%).
Today’s Outlook: Pressure from the U.S. Markets
We estimate JCI to be bearish with the support range of 6537-6547 and resistance range of 6656-6660 by today. The global pressure due to the decline in U.S market on Friday caused by the robust job data is estimate to have impact on JCI. Nonetheless, we estimate that such impact is interim and affected only on big caps’ shares significantly hike since the start of 2018. Investors need to oversee the positive sentiments stemming from the release of Indonesia’s economic growth data.
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