Stocks rallied in the final hour of trading after a report that European Union finance ministers are discussing ways to recapitalize the Continent's banks.
The Dow Jones Industrial Average, as reported by Wall Street Journal, rose 153.41 points, or 1.4%, to 10,808.71, after falling as much as 251 points.
The blue-chip index was down more than 200 points in the last hour of trading before turning positive and zooming higher in the final minutes of action. The gains come after the Dow had fallen 498.68 points over the previous two trading days and closed Monday at its lowest level in more than a year. How about Indonesia stock market today?
Jakarta Composite Index (JCI) may continue its losses and move in a long term of bearish trend. The closest support level is 3,217 with resistance level of 3,314.
The JCI may face further corrections and try to test the support level of 3,217 and may move within the range of 3,217-3,316. Several stocks to watch: KLBF, MYOR, and CPIN.
The JCI is estimated to test the support level of 3,217, while resistance is still at 3,310. The market is still volatile with lowered tension of sell-off.
Disclosure: No position at the stock mentioned above.
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