Market Recap
JCI continued to rally yesterday, backed by the telecommunication and financial sectors. Investors positively responded to state’s revenues higher than state’s expenses. Top Gainers: Infrastructure (+2.71%), Basic Industry (+1.67%), Agriculture (+1.53%).

The U.S. markets closed slightly lower relating to the Fed’s hawkish stance. European markets closed lower suppressed by the release of September’s car sales declining by 23.4%. Besides, European investors also digested the negotiation between the UK and European Union. On the other side, Asia markets rallied following the rally in the U.S. markets.

Today’s Outlook: Digest 3Q18’s Performance
We estimate that today JCI is capable of rallying with the support range of 5824-5833 and resistance range of 5905-5922. Meanwhile, investors keep their eyes on 3Q18’s earnings. BMRI’s performance showed that the acceleration in credit growth persisted and indicated that 3Q18’s economic backdrop was robust. Therefore, investors start to accumulate stocks with positive prospect.

From the global outlook, the negative sentiment comes from the Fed’s minutes echoing the hawkish stance of monetary tightening with a view to maintaining a stable economy. However, such stance has no significant impacts on global investors; the U.S. markets and Asia markets slightly lowered, for example.

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