Jakarta Composite Index JCI closed lower to the range of 6,196 in Friday's trading (24/07) after moving in the range of 6,159.15 – 6,268.53. Technically, JCI formed a bearish candle and closed back below the EMA50 (6,260), while testing the EMA10 area (6,184). Nevertheless, the index remains above the EMA20 (6,112), so the medium-term uptrend has not completely changed, though short-term correction risks are beginning to rise. The RSI (14) fell to 54.38, indicating bullish momentum is starting to weaken although still remaining in the neutral area. If selling pressure continues, JCI has the potential to test the support area of 6,184 – 6,159, followed by the 38.20% Fibonacci at 6,130 and the EMA20 at 6,112. If both levels are broken, the correction has the potential to continue toward the 61.80% Fibonacci at 5,931. Conversely, if able to rebound, JCI needs to break back above the 6,260 – 6,270 area, followed by 6,315 as the nearest resistance. A breakout above that level will open up opportunities for further strengthening toward 6,394. KIWOOM RESEARCH advises investors to wait & see while observing JCI movements around the EMA20 area. Investors who have secured gains can apply a trailing stop or gradual profit taking if selling pressure continues, while averaging up can be considered if JCI manages to break back above 6,315 supported by an increase in transaction volume. ADVISE: Wait & see, set your trailing stop or gradual profit taking. Stockpick: BREN, JPFA, NCKL, RAJA.