Market Prediction

Today, JCI is prone to correction.

On the other hand, Wall Street stock market moved limitary overnight. This was partly due to a statement from a high-ranking Federal Reserve official signaling on Wednesday that he was ready to open talks about cutting back some of the US central bank's emergency support if US economic conditions started to heat up.

JCI closed higher to the level of 5,815 with a bullish candle. JCI moved back above the EMA 5 and had breakup to level of 5,838. The stochastic golden cross indicator, MACD histogram is going positive (line is weakening) and volume is increasing. If it is bullish again, there is a chance to re-test the resistance at 5,848. If it manages to break up that level, it will continue to 5,883. But, if JCI moves bearish and breaks down to below level of 5,805, it may fall back to the support at the range of 5,759 - 5,769.

Commodities Review

• Oil prices settled higher on Wednesday as a drop in U.S. crude stockpiles reinforced expectations of improving demand ahead of the peak summer driving season, offsetting worries that a possible return of Iranian supply would cause a glut.

Macro Economic News

• The Business Survey Index (BSI) on business conditions in the manufacturing sector in South Korea stood at 96 in April of 2021, unchanged from the previous month’s 10-year high and below market expectations of 98.
• US crude oil inventories dropped by 1.662 million barrels in the May 21st week, following a 1.321 million increase in the previous period and compared with market forecasts of a 1.05 million fall.

Corporate news

• PT Akasha Wira International (ADES) earned a profit for the year as of December 31, 2020, amounting to IDR 135.78 billion. Jumping 62.65 percent compared to the same period in 2019, it was recorded at IDR 83,885 billion.
• PT Citra Marga Nusaphala Persada Tbk (CMNP) throughout 2020, only posted a net profit of IDR 448.13 billion, down 40.93 percent from IDR 758.67 billion in 2019.
• Throughout 2020, PT Sepatu Bata (BATA) collected sales of IDR 459, 58 billion. Decreased sharply from the same period in 2019 with a tabulation of IDR931.27 billion. Then, the gross profit was recorded at Rp. 97.93 billion, down from the same edition in 2019 with a gross profit of Rp. 428.58 billion.
• PT Pemeringkat Efek Indonesia (Pefindo) lowered the rating of PT Tridomain Performance Materials Tbk. (TDPM) due to default on its principal obligations for medium term notes, Medium Term Notes (MTN). TDPM, which was initially ranked idCCC, has now become idD.

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