Indonesian Market Recap
JCI closed higher yesterday. Investors focused on the release of companies performance particularly the performance of Astra. Top Gainers: Basic Industry (+1.57%), Consumer (+1.30%), Miscellaneous Industries (+0.99%).
Today’s Outlook: Powell’s Speech
We estimate JCI to move lower with the support range of 6538 and 6547 and resistance range of 6624-6638. The negative sentiment derives from Powell’s last night speech before the U.S. congress. In his speech, Powell signed that the Fed will continue to hike its interest rate amid the robust labor market, consumer spending, and growth in wages. Besides, Powell did not state that volatility in financial market will not affect the Fed’s decision.
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