The blue chips erased a 100-point decline to close out the trading day little changed, but failed to hold the psychologically-important 13000 mark as traders weighed stronger-than-expected U.S. housing data with caution over high energy prices and other potential headwinds.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, fell 1.4 points, or 0.01%, to 12,982, the S&P 500 gained 1.9 points, or 0.14%, to 1368 and the Nasdaq Composite rose 2.4 points, or 0.08%, to 2,966.
The sell-off on the JCI may fade today. Blue chips are in an overbought area despite the absence of reversal sign. Support and resistance level today is within the range of 3,832-3,900.
The JCI today may move within the range of 3,830-3,896 with several stocks to watch: ASII and JSMR.
Minna Padi Investama:
The index today may rebound with resistance level of 3,915. Investor could watch banking stocks that experience oversold. Several stocks to monitor: BBRI, BBCA, and BMRI.
Disclosure: No position at the stock mentioned above.
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