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, 11 November 2013

Morning Dew - November 12th 2013

More Doldrums
  • Lack of decent economic data is driving the JCI to gains and losses recently. Although the technical outlook looks increasingly negative, there is no critically damaging event nor data from both domestic and overseas to push JCI off the cliff at the moment. 
  • Still, the index remains range-bound and with most of the listed companies have delivered their 3Q13 earnings, we’re back searching for new catalysts to move the market.
Fed Watch
  • No decent data scheduled makes Fed chatters the next big thing in the horizon. Janet Yellen nomination will be another event to anticipate. Yellen looks set to replace Ben Bernanke early next year as the Fed chairman. Yellen is viewed as stimulus-supporter and her chairmanship is viewed to be stock-friendly.

Technically Speaking...
  • JCI took another dive on Monday and set up a somewhat bearish outlook as the index bounced off its resistance at around 4,470. 
  • Recent low at 4,403 will be a key-near-term support for the index for if it falls, the prior low at 4,357/58 is likely to be the next target. The next crucial support will be the one at 4,313/14 and followed by 4,207.
  • EMA-band now will become the near-term resistance, until the recent high at 4,611 is tested ahead of 4,791 key resistance.
  • We are somewhat within a large consolidation range between 4,791-4,313 but with a negative bias as the index is now below its EMA-band. MACD has turned lower again while RSI is approaching the oversold area.
  • No changes on the recommendations fow.

Day Ahead

Lack of catalysts will bring back the Fed to the center stage. On Thursday the hearing on the nomination of Janet Yellen  to replace the soon departing Ben Bernanke will take place. There should be no significant hurdle to derail Yellen’s chance to be the next Fed chairman, and this should be positive for the stocks as Yellen is a supporter of Fed stimulus.


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