Market Recap
JCI notched higher yesterday after sliding within few last days. The rally was backed by UNVR’s stocks. Top Gainers: Basic Industry (+1.60%), Consumer (+1.21%), Finance (+0.96%).
The U.S. and European bourses finished higher after a losing streak in prior day following the U.S. bourses gained 2%. On the other hand, European bourses eyed on the decision of ECB to leave its benchmark rates unchanged and 3Q18’s earnings. In a stark contrast to JCI, Asia bourses were mostly in sluggish mood.
Today’s Outlook: Global Bourses Rebound
We estimate that today JCI is likely to rebound with the support range of 5709-5720 and the resistance range of 5821-5832. JCI prove its resilience against wobbling global bourses within recent days. Indeed, it notched higher, coupled with foreign net buy. Today JCI is estimated to rally further, following the rebound in the U.S. bourses.
3Q18’s earnings posted by a number of companies have yet to disappoint investors. Yesterday, BBCA released its well-accelerated net profit. Like BBCA, BBRI also marked positive performance.
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