Market Prediction

In the past week, JCI managed to strengthen amid a surge in Covid-19 cases which recorded a record high.

Today, JCI is prone to correction and there is still minimal positive sentiment.

JCI closed higher with a bearish candle. JCI briefly tested the resistance at 5,060, but was unable to hold above it or a false break which indicates there is a chance to fail to the short-term uptrend line. The stochastic indicator is deadcross again, MACD histogram is moving negative (bullish line) and volume is increasing. If the JCI is bearish again, it will fall again to close the gap area or test support at 5,996 & support II at 5,972. If it is able to strengthen the resistance should be at the range of 6,060 – 6,070.

Commodities Review

• WTI crude futures rose to above $74 per barrel on Friday, the highest since October 2018, with the benchmark recording a fifth consecutive week of gains on expectations demand recovery would continue and supply remains in check.

Macro Economic News

• Personal income in the US decreased 2 percent month-over-month in May of 2021, following a 13.1 percent drop in April and compared with market expectations of a 2.5 percent fall as stimulus payments received earlier in the year began to fade.
• Personal spending in the United States was unchanged in May 2021, following an upwardly revised 0.9 percent growth in April and missing market expectations of a 0.4 percent increase.
• The United Kingdom’s GfK Consumer Confidence stood at -9 in June, unchanged from May and its highest since March 2020, though households were less optimistic about the economic outlook.

Corporate news

• The revenue and net profit of PT NFC Indonesia Tbk (NFCX) solidly strengthened in the first quarter of this year. NFC Indonesia scored 3.6% YoY revenue growth to Rp 2.1 trillion.
• PT Medco Energi Internasional Tbk (MEDC) has successfully achieved a positive performance. MEDC posted revenue of US$ 300.23 million, up 8.58% from the realization of revenue in the same period the previous year of US$ 276.49 million.
• PT Multipolar (MLPL) is still suffering losses. Throughout 2020, the current year's loss fell 4.99 percent to Rp. 989.5 billion from the same period in 2019 with a collection of losses of Rp. 1.04 trillion.
• PT Digital Mediatama Maxima (DMMX) throughout the first quarter of 2021 recorded revenues of IDR 180.7 billion. Jumped 112 percent from the same period in 2020 in the range of Rp. 85.2 billion.

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