Indonesian Market Recap
JCI was rebound yesterday as the CPO sector led after the EU won Indonesia over biodiesel dispute. Top Gainers: Agriculture (+2.96%), Basic Industry (+2.06%), Property (+1.59%).
Today’s Outlook: 3x Interest Rate Hike
We today estimate JCI to rally with the support range of 6272-6278 and resistance range of 6347-6368. The major sentiment comes from the result of FOMC meeting deciding further hike in the Fed’s reference rate. Furthermore, the Fed stated that there will be only 3x interest rate hike in 2018. This decision ceased the concern about the potential of 4x interest rate hike in 2018. However, the Fed indicated that there would be massive interest rate hike in 2019-2020.
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