JCI rallied further on Friday, 10/26/18, as the regional bourses slid. The rally was backed by the financial sector, BBCA’s stocks in particular. Top Gainers: Infrastructure (+1.10%), Trade (+1.08%), Consumer (+0.70%).
The global bourses notched lower on Friday, 10/26/18. The U.S. bourses dived as investor feared lagging companies’ performance in years ahead. Besides, European bourses pared losses as the U.S bourses dived in the prior trading session. The global bourses are still awaiting positives catalysts to cushion investors’ fears.
Today’s Outlook: Resilience against Global Sentiment
We estimate that today JCI is likely to notch higher with the support range of 5749-5755 and resistance range of 5841-5848. JCI proves its resilience by notching higher on Friday’s trading session amid the sharp drop in the global bourses. Its rally was backed by large cap. companies posting 3Q18’s excellent earnings. As large cap. companies mostly have yet to disclose their earnings, JCI is likely to be capable of maintaining its rally.
On the other hand, this morning Asia bourses rally after the sharp decline last week. The decline in the U.S. government bonds attributable to the lower-than-estimate inflation sparks positive sentiments to investors.
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