Market Prediction

Yesterday,   JCI   closed   +0.50%   higher   to   7,166.81. Foreigners  recorded  net  sell  of  723.75  billion  (all market) and net sell of 567.51 billion (RG market). The top  5  foreign  net  buy  stocks  were  BREN  (144.6B), BMRI  (117.1B),  AKRA  (56.8B),  FILM  (30.3B),  &  TPIA (29.7B).  Meanwhile,  the  top  5  foreign  net  sells  are BBCA   (278.8B),   TLKM   (275.3B),   BBRI  (91.0B),   ASII (36.0B), ISAT (34.0B).

JCI closed positive with bullish candle. Indicator from stochastic  is  bearish,  MACD  histogram  is  moving negative  (line  is  sloping)  and  volume  is  decreasing. Bearish  scenario:  If  it  moves  bearish  again,  JCI  is expected  to  weaken  again  to  the  support  range  of 7,099 –7,123. Bullish scenario: If JCI is able to move bullish,  JCI  has  the  opportunity  to  break  resistance 7,210 –7,234

Macro Economic News

•Stock    Investments    by    foreigners    in    Japan increased by 1740 billion yen in the week ending April  13  of  2024.  Foreign  Stock  Investment  in Japan averaged 31.33 JPY Billion from 2005 until 2024,  reaching  an  all  time  high  of  2368.90  JPY Billion  in  April  of  2023and  a  record  low  of -3025.50 JPY Billion in September of 2023.

•The  number  of  people  claiming  unemployment benefits in the US was unchanged from the prior week at 212,000 for the period ending April 18th, below market expectations of 215,000. 

•The Philadelphia Fed Manufacturing Index in the US  rose  12  points  to  15.5  in  April  2024,  well above market expectations of 1.5. It was the third consecutive   positive   reading   and   the   highest since  April  2022,  with  the  indicators  for  new orders  (12.2  vs  5.4 in  March),  and  shipments (19.1 vs 11.4) rising

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