Market Prediction

Today, JCI has the opportunity to continue strengthening.

On the other hand, Wall Street stock market closed higher after the release of satisfying US first quarter 2021 economic data. United States recorded economic growth reaching 6.4% in the first quarter of this year. This acceleration has been sustained by consumption spending which surged 10.7% on an annual basis, the second fastest since 1960.

JCI closed higher with a bullish candle. Stochastic indicator is goldencross, MACD histogram is positive (line flat) and volume increases. JCI has the potential to strengthen up to resistance levels at 6,027 - 6,045 . If it is bearish again, JCI may return to the support at the range of 5,974 - 5,987 (gap area). The index moves closer to the support trendline.

Commodities Review

• Oil prices touched their highest level in six weeks at the close of trading Thursday (29/4/2021). Oil prices were lifted by stronger US economic data, a weakening US dollar, and a recovery in demand that is expected to outweigh concerns about the Covid-19 cases in Brazil and India.

Macro Economic News

• The Fed left the target range for its federal funds rate unchanged at 0-0.25% and said it will continue to purchase bonds at a rate of $120 billion a month despite acknowledging a rise in inflation and the improvement in the economy.
• The Business Survey Index (BSI) on business conditions in the manufacturing sector in South Korea increased to 96 in April of 2021 from 89 in the previous month, reflecting an improvement in the business environment and future outlook.

Corporate news

• PT Telkom Indonesia Tbk (TLKM) in 2020 was able to record good performance by posting a net profit of IDR 20.80 trillion, or growing 11.5% compared to 2019.
• PT Bank CIMB Niaga Tbk posted net profit of Rp 996 billion in the first quarter of 2021. This achievement has decreased by 5.6% on an annual basis
• PT Semen Baturaja Tbk (SMBR) recorded an increase in net profit during the first three months of 2021. SMBR recorded a net profit of Rp 17.97 billion. improved from the first quarter of last year, where SMBR suffered a net loss of up to Rp 64.16 billion.
• PT Chandra Asri Petrochemical Tbk (TPIA) posted a net income of US$ 598 million in the first quarter of 2021. This figure is up 25% from its revenue position in the first quarter of 2020, which was only US$ 477 million.

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