Jakarta Composite Index JCI closed down 0.64% at the 6,091.39 level. Throughout Wednesday's (07/29) trading, JCI moved in a range of 6,029.32 – 6,174.41. Foreign investors booked a net sell of Rp183.81 billion in the Regular Market, while across all markets they still recorded a net buy of Rp8.97 trillion. Technically, JCI again formed a bearish candle and closed below the 38.20% Fibonacci retracement (6,118), while also below the EMA10 (6,160), EMA20 (6,118), and EMA50 (6,246). This condition indicates selling pressure still dominates and confirms weakening short-term momentum after the index failed to hold above the dynamic support area. The RSI (14) fell to 48.53, breaking through neutral territory and indicating bullish momentum is weakening further, leaving room for further correction. If JCI fails to hold above the psychological area of 6,090 – 6,080, the weakness could potentially continue toward 6,029 – 5,987, with further support at 5,930 – 5,900, which is the 61.80% Fibonacci retracement area. Conversely, if a rebound occurs, JCI needs to break back through the EMA20 at 6,118, then the EMA10 at 6,160, before testing 6,220 – 6,246 (EMA50) as the nearest resistance. KIWOOM RESEARCH advises investors to wait & see while monitoring JCI's movement around the 6,090 – 6,080 area as near-term support. Investors who have already profited are advised to apply a trailing stop or gradual profit-taking should JCI break back through that support area, while buy accumulation should wait for confirmation of a rebound signal above the EMA20 and EMA10. ADVISE: Wait & see. Stockpick: EMAS, ERAA, INDF, TOBA.