New Hope
JCI soared, tracking gains from overseas and as US payrolls grew less than expected in December. This led the market to conclude that the Federal Reserve will not be on an aggressive tightening path in tapering its stimulus. Some clarity over the mineral law also positive as this removes the fog of uncertainties surrounding the issue.
Three interest rate-sensitive sectors were sharply higher. Property (+6.98%), finance (+5.45%) and basic industry (+4.11%).
Along with JCI, IDR also gained against the greenback. The currency ended the session at 12,047 per US$.
Mineral Ore Export Ban
The allowed minimum purity level for copper concentrate has been revised to 15%, which enables Freeport and Newmont to export theirs at least until 2017. Export volume will be limited according to he capacity of the planned smelters capacity for each respective miners. The original regulation ban the exports completely.
Nickel and bauxite ores exports remain banned as originally planned. For nickel pig iron, the purity level has been revised to 4% from 6%.
More details to be announced.
Technically Speaking...
JCI soared to end the session near 4,400.
Bullish divergence on MACD, RSI and stochastics suggest that the index is poised to go higher in the coming sessions. Volume was also, noticeably higher than prior sessions.
Next resistance is at the 200-day EMA at 4,434 while subsequent resistance area lies around 4,600-4,610. Fibonacci projection targets 4,700, however. On the downside, support lies at 4,327, a prior resistance now turned into support. Below 4,327 we also have support at 4,175 and 4,109.
Day Ahead
JCI broke out of its consolidation range and soared to end near 4,400. While the rally looked overdone and the index seems to be prone to correction, the upside potential following the breakout, is considered promising. The market still awaits on more details regarding the implementation of the rule.
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