Indonesian Market Recap
JCI was bullish yesterday as it was underpinned by the rebound in global oil prices and the biodiesel subsidy plan by the Indonesian government. Top Gainers: Agriculture (+1.73%), Mining (+1.69%), Property (+1.24%).
Today’s Outlook: OPEC Monthly Report
We estimate JCI to rally with the support range of 6492-6498 and resistance range of 6571-6578. The globally positive sentiment derives from the rebound in the U.S. markets even though the government bond yield continuously hikes. It signs the gradual investors’ confidence amid the prevailing jitters of inflation hike. On the other flip slide, a positive sentiment stems from the release of OPEC monthly report stating that the growth in demand for oil in 2018 likely be higher than the prior estimated demand.
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