JAKARTA – Several analysts predict that the Jakarta Composite Index (JCI) will continue its upward trend in Thursday's (27/2) trading, supported by a number of positive sentiments.

According to the research team at CGS International Sekuritas Indonesia, the strengthening of major Wall Street indices and commodity prices could provide positive sentiment for JCI today. However, the continued foreign selling as of Wednesday (26/2) is seen as a separate pressure on the market.

"JCI is predicted to move variably with an upward tendency, with support levels of 6,525–6,445 and resistance at 6,690–6,770," wrote the CGS International Sekuritas Indonesia research team.

Meanwhile, the research team at Phintraco Sekuritas highlighted the formation of a long lower shadow in Wednesday's (26/2) trading. "This opens the potential for a continued technical rebound to the range of 6,650 on Thursday (27/2)," wrote the Phintraco Sekuritas research team.

This rebound potential, according to Phintraco Sekuritas, is also supported by several big-cap stocks that have been consolidating in recent days, such as PT Bank Central Asia Tbk (BBCA) and PT Bank Rakyat Indonesia Tbk (BBRI).

However, the research division of MNC Sekuritas noted that the potential JCI strengthening is still short-term before a deeper correction. "In the worst-case scenario, JCI is expected to test the 6,269–6,399 level," stated the MNC Sekuritas research division. (KR/ZH)