China Factor
JCI fell on the back of weak China data. The Chinese exports were reportedly down in February, missing most analysts’ forecasts.
Situation in Ukraine remains tense as Russian forces advance into the Ukrainian Crimean Peninsula despite Western urge to back away from military takeover.
Recent better-than-expected payrolls seemed to have failed to ease down the jitters over weaker Chinese exports.
China’s Exports Fell
Exports fell 18.1% year-on-year in China as February data showed. The figure was way off the consensus which forecast a 7.5% increase. As imports rose 10.1%, beating the consensus of a 7.6% gains, the trade balance stood at a deficit of $23billion, a two-year high.
Inflation decelerated in February to 2% from 2.5% seen in January. The producer prices fell 2%, the most since July 2013.
Technically Speaking...
JCI fell as Chinese data disappoints. Despite it fell, the index is still eyeing at the next big thing at 4,791.
Recent peak-turned-support at 4,665 will be the nearest key support line for JCI, whereas another support will be at 4,510 as this was also the prior resistance-turned-support.
Next resistance is seen at around 4,710 and subsequently 4,791.
MACD has returned to above the zero line, but it is now drifting back into the negative area, creating a bearish divergence setup. while RSI stays close the overbought area but also close for a slipup. Meanwhile, volume ticked down a bit. As sharp rally risks pullbacks, the upside potential remains intact.
ROTI has been added to the open recommendation list.
Day Ahead
As expected, the week have started on a weaker footing as concerns over Chinese data overwhelmed the market. Upside potential remains favored however, as the index eyes on 4,791.
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