Market Prediction

Wall Street stock index closed compact in negative area overnight after previously touching its highest level. In addition, US market players are starting to look forward to the release season of the first quarter financial reports and are optimistic about the release of positive US economic data.

JCI closed higher with a bullish candle. The stochastic golden cross indicator, MACD histogram is going positive (line is weakening) and volume is increasing again. JCI has the potential for strengthening but is limited in the resistance flow at the range of 6,051 - 6,058. If it moves bearish, JCI can return to the test support at the range of 5,944 - 5,960. We suggest to be careful if after touching the resistance, JCI can't hold it and turns weaker. The bearish trend can continue.

Commodities Review

• Crude oil prices strengthened as supported by strong economic data from China and the United States (US). This time, prices managed to offset some of the losses from the previous session due to increased supply of OPEC + and a surge in coronavirus infections in India and parts of Europe.
• Copper prices posted their biggest increase in six weeks amid prospects for a sharp US economic rebound.

Macro Economic News

• The Caixin China General Services PMI picked up to a three-month high of 54.3 in March 2021 from 51.5 in the previous month, amid a further recovery from the pandemic.

Corporate news

• PT Harum Energy Tbk (HRUM) posted positive performance throughout 2020. HRUM managed to record a net profit of US $ 59.0 million throughout 2020. This realization jumped 218% from the 2019 net profit of only US $ 18.50 million.
• The performance of PT Indika Energy Tbk (INDY) throughout 2020 was under pressure. INDY posted a net loss of US$ 117.54 million. This loss is up from the previous year's net loss of only US$ 18.16 million.
• PT Organon Pharma Indonesia (SCPI) throughout 2020 pocketed a profit for the year of IDR218.36 billion. Up 94.64 percent of the profit for the same period in 2019 in the range of Rp112.65 billion.
• PT Adhi Karya Tbk (ADHI) throughout 2020 experienced a significant decline in profits, net profit was recorded at IDR 23.976 billion or down 96.53 percent from net profit of IDR 663.806 billion in 2019.

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