JAKARTA – Jakarta Composite Index (JCI) is expected to continue its bearish trend in trading on Wednesday (26/2), driven by several negative sentiments from both global and domestic markets.

According to research from Phillip Sekuritas Indonesia, JCI remains in a bearish phase, with support at 6,480 and resistance at 6,700.

Meanwhile, CGS International Sekuritas Indonesia forecasts that JCI will move within the support range of 6,500-6,415 and resistance at 6,675-6,760.

“The renewed weakness of the majority of indices on Wall Street, falling commodity prices, and continued foreign investor sell-offs are expected to generate negative sentiment,” wrote CGS International Sekuritas Indonesia.

On a technical level, according to analysts at Phintraco Sekuritas, JCI tested critical support at 6,550 in Tuesday’s (25/2) session. With the Stochastic RSI entering the oversold area, investors are advised to be cautious of potential losing momentum if JCI breaks below the 6,550 level on Wednesday (26/2).

Nevertheless, there is also a chance for JCI to rebound in today’s trading. “JCI has the potential to form a minor double bottom if it stays above 6,550,” said analysts at Phintraco Sekuritas.

As previously reported by IDNFinancials.com, JCI fell by 2.41% during Tuesday's (25/2) trading. The performance of all sectoral indices also closed lower. (KR/ZH)