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This research report is prepared by PT MINNA PADI INVESTAMA Tbk for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. The report has been prepared without regard to individual financial circumstance, need or objective of person to receive it. The securities discussed in this report may not be suitable for all investors. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor’s individual circumstance and objective and should be independently evaluated and confirmed by such investor, and, if appropriate, with his professional advisers independently before adoption or implementation (either as is or varied).

Kamis, 03 April 2014

Morning Dew - 4 April 2014

Slowing Down

JCI’s advance to break the 4,900 resistance was thwarted once more as the index got pushed back to end the day at 4,891. While the road ahead towards 5k remains open, continuous failure to break the roadblock could spell trouble for JCI.

The manufacturing sector slowed in March as PMI from HSBC sunk to 50.1 from 50.5 seen in February. The figure was a seven-month low and just above the borderline between contraction (<50) and expansion (>50).  Chatib Basri, the Indonesia’s Finance Minister said that no government policy is needed to be revised as the slowdown was intended to trim the wide current account deficit (CAD).

USDIDR ticked up to 11,310 from 11,303 on Thursday.

ISM, Jobless Claims, Trade Balance

US ISM for service sector was up to 53.1 in March vs. 51.6 (Feb) vs. 53.5 (consensus).

Initial jobless claims rose to 326k in the final week of March, vs. consensus of 317k as well as exceeding the prior week’s figure of 310k.

US Trade Balance worsened to a deficit of US$42.3b in February from US$39.3b of deficit in January. Market had expected an improvement to a deficit of US$38.5b.

Technically Speaking...

JCI’s climb stalled again as it backed away from 4,900 mark. The index was still up by the end of the day however, as it stood at 4,891.
Recent price gap at 4,769 will be the first line of defense while the next one comes at 4,661.

The nearest resistance is seen at 4,917, ahead of 5,000 which is the psychological resistance and subsequently the projection target at 5,063.

A double-top formation is now forming on the JCI’s daily chart as the index backed off from taking out the peak at 4,903. Convincing breakout of this resistance is needed soon to negate the double-top formation. The valley at 4,661 is seen as the key support to confirm the double-top formation.

Volume ticked down, but MACD continued to move higher and managed to resurface above the zero line towards the positive area. RSI curled lower however.

MLPL reached its target price at 470, so the reco has been closed with 18.99% gains.

Day Ahead

JCI is seen consolidating its gains in the last day of the week as the advance stalled once more just below the 4,900 mark. Still the door to return to 5K handle remains wide open. US nonfarm payrolls data for March is set for release later tonite and the market expected 200k jobs will be added to the US economy, while unemployment rate is seen down to 6.6% from 6.7%.

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Diposting oleh di 15.22
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