IMF’s View
Stocks posted more gains on the back of recent update from IMF over the global economic growth outlook. JCI ended at 4,477.49, up 0.56% from prior session.
Better assessment on US economy was the major driver behind the upward revision of IMF’s growth outlook.
Mining (+1.91%), trade (+1.62%) and consumer goods (+1.46%) sectors were the top gainers, while property (-0.87%) and basic industries (-0.80%) fell.
IDR ended slightly weaker at 12,149 per US$.
IMF Upgrades
IMF has raised its forecast for global economic growth from 3.6% to 3.7% this year. Stronger US growth is cited as the major factor behind the upgrade.
US is now seen growing 2.8% in 2014, upgraded from 2.6% seen in earlier forecast (October 2013).
For 2015, the world economic growth is expected at 3.9%.
Technically Speaking...
JCI broke through the barrier at 4,459 recent high as well as the 200-day EMA and finished at 4,477.49.
Both RSI and stochastics indicators remained around the overbought area, whilst MACD held its position above the zero line. Volume however, has not been able to rise to new heights. This signals potential exhaustion.
Next resistance area lies around 4,600-4,610. Fibonacci projection targets 4,700, however. On the downside, near-term support lies at 4,450-4,460, 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
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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