The three major markets in the US closed with sharp falls in trading (23/09/2020). This decline was again led by stocks in the technology sector as seen from the Nasdaq which experienced the deepest decline of 3.02%. The overvaluation of mega cap technology stocks has led to a rotation to a more traditional sector.
Domestically, the fall on Wall Street will further aggravate JCI steps amid economic recession sentiment. Technically, there has been a reversal signal from the current position in the lower bollinger band area and the RSI level entering the oversold area with less foreign net sell. However, investors will continue to be aware of the persistence of various negative sentiments on the JCI.
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