Deeper Retreat
Post-breakout of key resistance on Friday, JCI fell again to end the day at 4,577. For now, this is viewed as a natural setback for the index.
Some positive catalysts recently released were the improving CAD (hence lessened the odds that BI will raise rate again), the improving IDR, Bank of Japan’s continued stimulus, and Fed’s Janet Yellen’s statement that the tapering policy will continue on.
USDIDR fell to 11,620 from 11,728 on Tuesday.
ASGR & MFMI, US Consumer Confidence
ASGR reported its net profit jumped 22.09% in 2013 from 2012. Its assets and liabilities grew 17.02% and 17.74%, respectively. Revenues were up by 9.55%.
MFMI reported less stellar results as its assets only grew 5.64% while its liabilities have been trimmed by 12.13%. Revenues were up by 7.38%, net profit advanced 9.38%.
US consumer confidence slipped from 79.4 in January to 78.1 in February. The figure missed the consensus which forecast an uptick to 80.0.
Technically Speaking...
JCI continued its fall on Tuesday as it hit the low of 4,567 before ending the day at 4,577.
Recent peak-turned-support at 4,477 will be the nearest key support line for JCI, whereas the 200-day EMA at 4,440 will be the subsequent support area. Nearer support will be at 4,550 as this was the congestion area before the index rallied.
Nearest resistance is seen at around 4,650, Friday’s high. Meanwhile, 4,791 will be the next hurdle to crack should 4,650 gives way.
Volume and MACD continued to tick down, capping the upside potential at the moment. For now, the outlook is biased to the downside as recent gains spells a near-term correction.
Day Ahead
JCI is expected to rebound after some sharp falls. Lack of new catalysts is likely to send stocks searching for directions from earnings report still in progress at the moment. Mixed Recently released US data are seen neutral for now. Weakness in US stocks overnight may cap the JCI.
Click here to download the full update (PDF)
Tidak ada komentar:
Posting Komentar