Doldrums
- JCI bounced back after it got under fire a day earlier. The bounce could be a part of a large consolidation currently happening as the market is waiting for the next big things such as the FOMC decision, and more rounds of of economic data.
- Next incoming data are from the housing market and the job market. US New Home Sales were expected to gain 1% in September from prior month, compared to MoM jump of 7.9% recorded in August. US jobless claims data is also set for release on Thursday.
- Beyond Thursday, Friday will feature durable goods orders, as well the U. of Michigan confidence index.
UNVR Not Going Private
- UNVR soared to reach as high as 37,350 on Wednesday after a rumor about the company planning to go private hit the market.
- The company clarified the matter as it stated that it is its subsidiary company, Unilever Body Care which was previously listed (PROD) which is going to go private.
- At the end of the day, UNVR settled at 31,700, trimmed its gains to just 2.92%.
Technically Speaking...
- JCI made another push above its EMA resistance and managed to hit 4,609 only to get pushed back to end at 4,546. The candle pattern shows exhaustion and it risks for another attempt to go down.
- Prior high at 4,609 will act as near-term resistance, followed by 4,791 and 4,900 while the nearest support will be at the upper end of the EMA band at 4,530.
- Indicators show no new hints at the moment.
- No changes in the pool of recommendations for now. All are on hold.
Day Ahead
As the market is running out of major catalysts, the sessions ahead will be more likely going sideways. US earnings season continues to be around along with speculation over the start of Fed’s tapering.
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