New Stocks on the Block
Three new debutants arrived at IDX: ASMI, CANI and BINA. ASMI gained 50% as the insurer settled the day at IDR405. Marine logistics operator CANI ended 19.5% higher while BINA, the second bank going public this year, finished the session with gains of 12.5%.
IDR fell again to end the day at 12,177 per US$.
JCI itself fell after a string of gains. Only two sectors ended up: agriculture (+0.84%) and mining (+0.03%). The high-flying finance sector took a 1.35% fall as profit-taking set in.
CPI Inched Higher
Jobless claims inched lower during the week ending Jan 4th. The reading of 325k was less than 328k expected initially.
US inflation at the consumer level inched higher. December’s numbers were 1.5% (YoY), with core was at the steady pace of 1.7% (YoY). Timid inflation may give some restrain to the Federal Reserve’s tightening campaign.
Technically Speaking...
JCI stepped back after a string of gains. The index recently hit the high at 4,459 and bumped into the 200-day EMA.
Both RSI and stochastics indicators are entering the overbought area, but volume also on the rise, indicating the power of the rally. MACD has been up for four days in a row, also underlining the strength of the rally. Wednesday’s setback may serve as a temporary correction.
Near-term, resistance lies at 4,459, while next resistance area lies around 4,600-4,610. Fibonacci projection targets 4,700, however. On the downside, support lies at 4,400 and subsequently, 4,327 - a prior resistance now turned into support. Below 4,327 we also have support at 4,175 and 4,109.
Day Ahead
While JCI took a breather, the upside potential remains intact for now. The index is expected to knock on the 4,600-4,610 resistance area where its bullish commitment will be tested. Should it pass, 4,700 awaits. Below 4,400 may drive the index approaching the lower 4,300 support area.
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