Market Recap
Powell’s dovish stance sent JCI to soar near 2%, while the Rupiah rallied to 14,300 per U.S. dollar. Top Gainers: Property (+2.90%), Consumer (+2.87%), Basic Industry (+2.41%).
Another to JCI, most Asia and European markets were bullish thanks to Powell’s dovish stance. Now, investors fixate on talks between the U.S. and China, yet news of White House advisor Peter Navarro’s attendance fade investors’ hopes on the talks and caused the U.S. market to close lower yesterday.
Today’s Outlook: Dynamics Ahead of Trump and Xi Meeting
Today we estimate JCI to lower with the support range of 6052-6058 and the resistance range of 6128-6135. JCI’s yesterday jump is likely to make investors post profits on Friday, 11/30/18. Investors are cautious ahead of the meeting between Trump and Xi Jinping at G-20. The news spreads that Trump will be accompanied by one of White House advisor who is anti-China.
Meanwhile, rebounding crude prices allow investors to accumulate commodities’ stocks; coal prices also rebound, for example. In fact, the commodities sector makes a steep decline within recent weeks.
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