Fighting Back
JCI bounced off 4,530 and fought back to end the day at 4,568.94. All the sectors were up, led by agriculture sector.
In her testimony before the Senate, the new Fed chief Janet Yellen reiterated the Fed’s stance on its tapering strategy. The tapering will be continued as long as no serious economic setback happens.
Elsewhere, the US durable goods orders declined 1% in January. Still, the reading was better than consensus.
USDIDR inched higher to 11,675 from 11,669 on Wednesday.
ARNA, KAEF and SMCB
ARNA booked a 50% gains in net profit throughout 2013 as its revenue jumped 27.30%. Assets and liabilities were up 21.11% and 10.29%, respectively during the period.
Net profit were up by 4.59% at KAEF during 2013. Revenues were up 16.44% while assets and liabilities grew 19.05% and 33.52%, respectively.
Cement producer SMCB’s net profit fell almost 30% as its revenues were only up by 7.49%. Liabilities jumped 63.23% and assets gained 22.41%.
Technically Speaking...
JCI bounced off 4,530 and ended the day up after being battered for three days in a row.
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 4,510 as this was the prior resistance-turned-support.
Nearest resistance is seen at around 4,665, Friday’s high. Meanwhile, 4,791 will be the next hurdle to crack should 4,650 gives way.
MACD continued to tick down, capping the upside potential at the moment while volume gradually ticks up. RSI has made its turn lower, but still near the overbought area. Positive Dow overnight may provide some cushions for JCI this Friday.
Day Ahead
Post-strong gains in Thursday trade may provide another room to rise for JCI. Still, with limited positive and negative catalysts for the index, the upside will be somewhat limited. More companies are to report their 2013 results.
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