Wall Street managed to start February with a significant rebound (01/02/2021). Market concerns over the impact of the uncontrolled short squeeze on Gamestop shares began to ease. Meanwhile, the negotiation of the fiscal stimulus package continued with the Republican Party proposing an aid with a smaller amount than the planned USD 1.9 trillion.
In line with the global markets, JCI was also able to sharply strengthen while erasing some of the losses experienced last week. The release of manufacturing PMI data, which is still in an uptrend, provides a positive signal for economic recovery. Technically, JCI will try to stay above the psychological level with a range of movement between 6,000 – 6,123.
Download full report HERE.
