Market Recap
JCI rebounded yesterday, backed by the banking sector. The rebound was the highest in the regional bourses. Foreign investors re-posted net buy. Top Gainers: Property (+1.49%), Finance (+1.35%), Basic Industry (+1.26%).

The release of the lower-than-estimate U.S. economic data were the catalyst for Asia markets’ bullish mood, yet China’s markets finished at modest pace ahead of the meeting between the world’s two biggest economies at the late of November. Besides, European market closed in the negative territory due to investors’ fears of Italian budget and Brexit.

Today’s Outlook: Disregard Global Backdrop
Today we estimate JCI to rally with the support range of 5960-5968 and the resistance range of 6018-6028. The negative sentiment from the global outlook is insignificant due to Thanksgiving’s holiday. On the other hand, the heated disputes between the U.S. and China fueled by the ban of Huawei’s products by the U.S. give no impacts on today’s market.

From the domestic outlook, the trend of foreign net buy re-appear. The rupiah appreciation and the decrease in Indonesia’s government bond yield lower than 8% signify rosier market backdrop. The momentum is estimated to boost investors’ confidence in pursuing prospective shares albeit the global pressure.

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