Indonesian Market Recap
JCI continued to rally yesterday amid investors’ confidence ahead of the release of the U.S. inflation data in January. Top Gainers: Mining (+1.71%), Infrastructure (+1.39%), Finance (+1.14%).
Today’s Outlook: Further Mining Rally
We estimate JCI to rally with the support range of 6564-6568 and resistance range of 6647-6652. The release of the U.S. inflation data topped estimate gave no negative impact as the U.S. markets keeps pacing. It is underlined by the robust-inflation-yet-sluggish-retail sales backdrop. On the other flip side, the further decline in dollar gave impact on robust commodities including crude. From domestic, investors also can focus on the mining sector ahead of the release of trade balance today.
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