Wall Street started the week with a slight decline in trading (12/04/2021). Fed Chair Jerome Powell said that the Fed is watching the high price increases that have occurred in several asset instruments. On the other hand, investors are waiting for the start of financial reporting season for the first quarter of 2021 which will be preceded by the release of several major banks’ performance report.
Domestically, JCI was again under pressure at the beginning of the week with a decline of 2%. The unfavorable data on retail sales for February 2021 and the weakening Rupiah exchange rate to a level of IDR 14,600/USD are some of the negative sentiments for the stock market. Entering the first day of Ramadan, JCI has the opportunity for a technical rebound with projected movements in the range of 5,900 – 6,088.
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