JAKARTA – Jakarta Composite Stock Price Index (JCI) remains at risk of continuing its bearish trend during trading on Friday (28/2), according to several analysts.

The high foreign sell-off pressure and technical weakening have placed JCI in a vulnerable position, susceptible to further correction.

CGS International Sekuritas Indonesia predicts that JCI will move variably with a tendency to weaken. "With a support range of 6,350–6,215 and resistance at 6,620–6,755," wrote the CGS International Sekuritas Indonesia research team on Friday (28/2).

In line with this, Phintraco Sekuritas highlighted that JCI has breached the critical support level of 6,500, forming a black marubozu pattern, validating a bearish continuation.

"Be cautious of further weakening towards the psychological level of 6,400 in Friday's (28/2) trading," wrote the Phintraco Sekuritas research team.

Meanwhile, MNC Sekuritas emphasised the 1.83% JCI correction to 6,485 on Thursday (27/2), accompanied by significant selling pressure. With the 6,500 support area breached, JCI is said to have the potential for a deeper decline.

“JCI’s correction still poses a risk of continuation, testing the 6,269-6,399 range,” revealed the MNC Sekuritas research team. (KR/ZH)