Following the global stock markets, JCI was rebound yesterday, backed by the consumer sector, the massive net foreign net buy, and rupiah appreciation. Top Gainers: Basic Industry (+2.43%), Property (+1.87%), Infrastructure (+1.79%).
The global stock markets were rebound along with investors attuning to Brexit process and the U.S. corporate earnings season. The Asia market closed higher amid fears of a slowdown in China’s economy. The European market edged higher as the health care and automotive sectors outperformed amid the lower-than-estimate German’s economic outlook.
Today’s Outlook: Coal Edges Higher 2.26%
We estimate that today, JCI is likely to rally with the support range of 6300-6340 and the resistance range of 6420-6450. Coal rallied by 2.26% to USD99.70/ton. The rally in prices of coal will have positive impacts on coal miners.
Meanwhile, global crude prices also rallied by 3.17% to USD52.11/bbl. The rally in crude prices will give negative sentiments for companies whose raw material for production highly bank on the price of crude.
Now, the Asia market is on earning season; thus, investors keep their eyes on companies with robust fundamental.
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