Market Prediction

Today, JCI has a chance to rebound following the movement from Asia indexes which able to continued strengthening today. From Wall street index, all of them closed positive overnight. The strengthening from Wall street index is supported by the increase in energy sector stocks such as Chevron Corp and Occidental Petroleum Corp, this is due to significant increase in crude oil price that increased more than 3%.

JCI closed down to the level of 5,763 with a bearish candle. JCI is moving again below the 5 EMA and unable to hold above it. The stochastic indicator is consolidating in the oversold area, MACD histogram is negative (line is weakening) and volume is increasing. If JCI moves in bearish candle again, it can test the closest support at 5,735 and Support II at 5,724 (to close the gap). If JCI manages to move bullish, it can bounce back to the resistance flow of 5,805 - 5,814.

Commodities Review

• Oil prices rose on Monday (24/5), due to potential obstacles that emerged in reviving the 2015 Iran nuclear deal. Meanwhile Goldman Sachs said the case for higher prices remained intact even with an increase in Iranian exports.

Macro Economic News

• The Chicago Fed National Activity Index fell to 0.24 in April of 2021 from an 8-month high of 1.71 in March, suggesting a slowdown in economic growth. Production-related indicators contributed +0.18, down from +0.92 in March.

Corporate news

• During the first four months of 2021, PT United Tractors Tbk (UNTR) recorded a slick sales performance for the Komatsu brand of heavy equipment. UNTR has successfully sold 909 units of heavy equipment during the first four months of 2021. This realization grew 26.77% from the realization of heavy equipment sales in the same period the previous year which was only 717 units.
• PT Bank Victoria International (BVIC) during the first quarter of 2021 posted a net profit of IDR 11.02 billion. That figure, grew compared to the profit in the same period in 2020 of Rp.6.95 billion.
• PT Panca Mitra Multiperdana Tbk (PMMP) managed to record net sales of US$ 54.32 million in the first quarter of 2021. This figure is an increase of 5.61% (yoy) compared to the company's net sales in the first quarter of 2020 of US$ 51.43 million.
• PT Catur Sentosa Adiprana Tbk (CSAP) throughout 2020 posted revenues of IDR 12.7 trillion. This figure is up 4.8% compared to the same period the previous year which amounted to Rp 12.1 trillion.

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