Creeping lower in a short trading session, JCI finished higher as the financial sector led and foreign investors booked net buy. Top Gainers: Misc. Industry (+1.97%), Finance (+1.55%), Basic Industry (+1.38%).
Global bourses mostly was reigning in bullish mood yesterday, after snapping lower in prior trading session. Global investors still keep their wary eyes on 3Q18’s earnings and an updated trade dispute between the U.S. and China. Meanwhile, China bourses snapped higher on the back of authorities’ plan to plough more funds into China’s bourses.
Today’s Outlook: Focus on 3Q18’s Earnings
We estimate that today JCI is likely to snap up with the support range of 5749-5755 and resistance range of 5821-5834. 3Q18’s earnings sources of positive sentiments; ASII’s stocks enjoyed significant rally, following 3Q18’s profits, for instance. We project that massive foreign net buy indicates that 3Q18’s earnings thrilling investors.
On the other side, the murky global outlook is China’s slow PMI growth of 50.2 in October. The figure dived sharply compared to September’s PMI of 50.8. Unresolved trade disputes between the U.S. and China hit hardest China’s PMI.
Download full report HERE.