DISCLAIMER

This research report is prepared by PT MINNA PADI INVESTAMA Tbk for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. The report has been prepared without regard to individual financial circumstance, need or objective of person to receive it. The securities discussed in this report may not be suitable for all investors. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor’s individual circumstance and objective and should be independently evaluated and confirmed by such investor, and, if appropriate, with his professional advisers independently before adoption or implementation (either as is or varied).

Senin, 19 Agustus 2013

Morning Dew - August 20th 2013

Key Points
  • The dramatic fall of JCI slammed the index below its key support at 4373, taking it to as low as 4310 before it settled at 4313.52. This has shifted the direction back to the downside with near-term support coming at 4275 (0.618x wave projection), followed by 4252, the 61.8% retracement of the rise from 3635 to 5251, which is within the proximity of previous resistance-now-turned-support 4232-4234. Upside, the prior support-now-turned-resistance at 4373 is seen capping recovery attempts.
  • Worsening USDIDR exchange rate coupled with concerns over the Fed action at the upcoming FOMC meeting are seen as the catalysts behind the slump. Still, this is seen as overdone and at least a technical rebound is expected to occur next. However, until the Fed's fog is cleared, JCI is expected to stay vulnerable.
  • Lack of catalysts sent the US stocks fluctuating in a limited range. The US Federal Reserve is scheduled to release its minutes of the last meeting on 21st while the Jackson Hole meeting of central bankers and policy makers are to be held from August 22nd to 24th. On September 17-18 meeting, the FOMC will determine whether the stimulus will be curbed or not.
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