A Good Start
Stocks kick-started the week on a right footing as the JCI gained 0.44%.
China’s economic data were mostly neutral as they were not far off from the consensus numbers.
Agriculture (+2.63%) and infrastructure (-2.32%) sectors were the top gainers, while miscellaneous industries lagged (-0.95%).
IDR ended slightly higher at 12,110 per US$.
China Growth Slowed
China’s 4Q GDP slowed to 7.7% (YoY) from 7.8%, while QoQ GDP also slowed to 1.8% from 2.2%. Initially, the consensus forecast GDP at 7.6% (YoY) and 2.0% (QoQ).
Industrial production also slowed from 10% to 9.7% (YoY) in December, but retail sales managed to stay strong at 13.6% in December (YoY) compared to 13.7% pace seen in November.
Technically Speaking...
JCI started the week inching higher to end at 4,436. The index recently had hit the high at 4,459 and bumped into the 200-day EMA.
Both RSI and stochastics indicators remained around the overbought area, whilst MACD held its position above the zero line.
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.
PGAS reached its target price at 4,600. The recommendation is now closed after it gained 7.23%.
Day Ahead
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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