Political Hangover
JCI continues to float around 4,900 handle as the market awaits new developments on the political front to reduce the current political uncertainties.
US durable goods orders gained 2.6% in March, outpacing the consensus gains of 2% and also better than the prior month’s 2.1% increase. Excluding transportation items, durable goods orders were up 2.0%, also beating estimates of 0.6% rise and way above the prior month’s slight increase of 0.1%. Initial jobless claims ticked up to 329k in the most recent week however, worse than the consensus take of 315k and much higher than prior week’s 305k claims.
USDIDR continues to climb to 11,608 from 11,590 seen on Wednesday as the BI Governor’s recent comment brought concerns over the CAD issue which is said to have stood above 2% of GDP again in 1Q14.
BBRI, UNVR
BBRI posted a strong 28.06% gains in its net interest income to Rp17,099,293 million in 1Q14, bringing its net profit to Rp5,934,670 million, or up 16.71% from the same quarter last year. Assets fell 1.67% while liabilities were down by 1.87%.
UNVR’s net profit slipped 4.96% to Rp1,360,981 million in 1Q14, even as its revenues were up 15.17% to Rp8,725,116 million. Assets grew 7.24% to Rp14,314,180 million, while liabilities were down by 4.34% to Rp8,698,529 million.
Technically Speaking...
JCI continued to flirt around the 4,933 resistance level as consolidation takes the index nowhere.
While the star pattern has failed to be confirmed so far, the next one developing on the daily chart is the head-and-shoulders pattern with the neckline projected around 4,750 or just above the 50-day EMA. The left shoulder is at 4,903, the head at 4,933 and 4,916 is so far the right shoulder. Volume shows decreasing pattern from the left shoulder to the right one, adding credibility to the pattern.
JCI needs to break through the nearest resistance seen at 4,933 to negate the H&S pattern. Higher, subsequent resistances lie at 5,000 which is the psychological resistance and later the projection target at 5,063.
Neckline at around 4,750 is the nearest support, while key support lies at 4,661.
MACD declined, moving away from the zero line while the RSI curve turned flat, but heading towards the neutral area around 50%.
Day Ahead
Doldrums are expected to continue as politics remain the key catalyst in the near future for JCI. Meanwhile, 1Q14 reports are seen flowing as we approach the end of the month. US stocks fell overnight, but most likely a temporary setback after a string of consecutive gains.
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