Jakarta Composite Index JCI closed 0.30% lower at 6,315.31. During Thursday’s trading session (23/07), the index moved within a range of 6,306.65 – 6,454.31. Technically, JCI formed a reversal candle after once again failing to break above the 6,377 resistance level, marking its second unsuccessful breakout attempt around this area. Nevertheless, the index remains above the EMA10, EMA20, and EMA50, indicating that the medium-term uptrend remains intact. The RSI (14) declined to 62.69, suggesting that momentum has begun to weaken. Should selling pressure continue, JCI may test support levels at the EMA50 of 6,262, the EMA10 of 6,181, and the EMA20 of 6,103. Conversely, should the index regain strength, resistance levels are located at 6,377 – 6,394, followed by 6,454. KIWOOM RESEARCH recommends that investors adopt a wait-and-see strategy and consider gradual profit-taking should selling pressure persist. ADVISE: Wait & see or gradual profit-taking. Stockpick: ARTO, BTPS, CMRY, ISAT.