Indonesian Market Recap
JCI rallied yesterday amid investors’s optimism spurred by trend of sluggish dollar. Top Gainers : Infrastructure (+1.95%), Basic Industry (+1.71%), Mining (+1.11%).
Today’s Outlook: Correction to Commodities Price
We estimate JCI to lower with the support range of 6381-6386 and resistance range of 6446-6450. The negative sentiment comes from the correction to the commodities price after experiencing significant rally in the past couple of days. This backdrop is estimated to spur profit taking action by investors in the mining sector. Investors also need to digest the bearish U.S. markets due to the potency of government shutdown. Foreign investors are estimated to oversee the potency of halting rally in the U.S. markets.
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