Monday, September 19, 2011

JPM Asia Technicals Strategy_ASEAN Focus

JCI’s 23.6% and 38.2% retracement supports are around 3500 and 3070.

Critical MA200-day for JCI is 3730.

INDONESIA (MXID = 4676) – Indonesia held on to critical 200day moving average last week, Risks are however growing that we will see a breakdown. 4315 and 3766 are 23.6%and 38.2% retracement supports. Relative index broke down substantially last week and a break below 126 (current 128) will have downside to 116. Exit.

We see substantially high probability that the MXID will break the critical 200dma – short aggressively on break.

dated 19 September 2011

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