Indonesian Market Recap
JCI closed lower yesterday due to investors’s profit taking act over consumer stocks snapping significant rally. Top Losers : Consumer (-1.71%), Infrastructure (-1.32%), Finance (-0.26%).
Today’s Outlook: Rally in Commodities
We estimate JCI to rally with the support range 6581-6589 and resistance range of 6665-6672 by today. The upswing in global commodities prices oil, copper, coal and CPO constitutes as a global positive sentiment. The limelight in commodities prices is justified by further plight of dollar against other currencies. It is estimated that the plight of dollar will be prolonged as it will prop up the U.S. export.
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