- JCI opened the Wednesday session on a very weak footing as it collapsed to hit the intraday low of 3837 before the index rallied sharply higher to touch 4033 before settling at 4026. The index has met the wave equality target at 3940 and this means the next Fibo projection target lies at 3400 (1.618x) while based on the Fibo retracement calculation, the 76.4% retracement level of the rise from 3217 is at 3698. In addition, we also have a prior low at 3635 as another support for JCI. Upside is seen well capped at 4373 and the nearest resistance comes in at 4062. More hurdles for the bulls are spotted at 4107 and 4261.
- US stocks edged slightly higher after a 170 points decline on Tuesday. So far, the rise is considered as corrective as the risk of getting another downside pressure remains. Rising tension in the Middle East coupled with the risk of Fed's stimulus easing are seen as negative catalysts for stocks right now. Energy stocks seen benefiting from the rising oil, but the spike in oil prices is seen brief. A military action on Syria by the US is seen swift and thus the negative spillover from the event should be manageable and brief.
- After a prolonged struggle, IMAS finally removed from the reco list after it was squeezed beneath its stop, losing 8.88% from its entry point at 5350. The exit left ARNA, MDLN and PGAS as the only ones surviving the storm right now.Rebounding Dow is seen positive for Thursday's session, but follow up rally may be limited. JCI needs to return above 4261 to convince us that what we saw on Wednesday was not a dead cat bounce. We also add JPFA and PTPP into the lineup. See the table for the details.
Rabu, 28 Agustus 2013
Morning Dew - 29 August 2013
Key Points
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