Selasa, 16 Juli 2013

Morning Dew - 17 July 2013

Key Points
  • JCI ended slightly higher after failed to breach its resistance at 4679. This signifies that the wave B of the correction remains in progress. We seem to be at the third leg of wave B (wave c), and this means the recent peak at 4679 is key to confirm this assumption. Once cleared, we will set eyes on 4848, our next Fibo target, and subsequently 5124. Crucial support stays at 4373.
  • We have MAPI added into the pool of recos today as it reached its entry point at 6950. We now have six recos filled and another three awaiting to be triggered. BBCA, BBRI and WSKT are currently in the green while IMAS stays neutral and two are in the red (TELE and MAPI).
  • Hawkish comment from Kansas City Fed Chief Esther George sent the stocks down along with poor result coming from Coca-Cola Co. KO's sales volume missed estimates as economic growth slowed. George stated that the US is on the right path for economic recovery and thus cutting the pace of stimulus are appropriate as inflation seem to be moderate, hence the interest rates should not be held too low for too long. Elsewhere, industrial production grew 0.3% in June after being stable in May.
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