Market Prediction

Yesterday, JCI closed down -0.45% to level of 6,808.95. Foreign marker players recorded a net buy of IDR 1.20 trillion (all market). The top 5 foreign net buy stocks are BBCA (604.1B), BMRI (202.7B), BBNI (121.8B), TLKM (104.8B) & ANTM (91.2B). As for the top 5 foreign netsellers, such as MAPI (36.4B), PTBA (21.2B), TOWR (17.9B), UNTR (17.7B), & SRTG (14.3B). Wall Street's main indexes closed higher (DJI +0.43%, GSPC +0.57%, IXIC +0.73%). EIDO closed down -0.51%. As investors shifted their focus back to the Federal Reserve's policy path amid easing fears about a banking crisis. Today's JCI is expected to move sideways with a tendency to weaken towards the nearest support.

JCI managed to close down after touching the resistance trendline. The stochastic indicator is weakening, MACD histogram is moving positive (bullish line) and volume is decreasing. If it moves bearish, JCI is expected to weaken to the support range of 6,747 – 6,760. If JCI is able to move bullish, there is a chance for JCI to go to the resistance at the range of 6,851 – 6,868.

Commodities Review

• Oil prices rose about 1% on Thursday, supported by lower US crude oil stockpiles and a halt in exports from the Iraqi Kurdistan region.

Macro Economic News
• The Business Survey Index (BSI) for the manufacturing sector in South Korea rose to 70 in March of 2023 from 63 in the previous month.
• The American economy expanded an annualized 2.6% on quarter in the last three months of 2022, slightly less than initial estimates of a 2.7% rise.
• The number of Americans filing for unemployment benefits rose by 7,000 from the previous week to 198,000 on the week ending March 25th, slightly above expectations of 196,000.