Jakarta Composite Index JCI closed up 1.56% at 6,374.91 in Wednesday's (23/09) trading, even though foreign investors still recorded a net sell of Rp468.26 billion in the regular market. On a YTD basis, accumulated foreign net sell reached Rp102.97 trillion. Technically, JCI closed higher but remains below the EMA10, EMA20 and EMA50, so the latest gain has not changed the short-term bearish pressure. JCI is also still below the 38.20% Fibonacci retracement at 6,451.22, while its current position is below the previous support area of 6,347 and it is trying to retest the 6,377 level. RSI (14) is at 44.42, still below the 50 level, indicating that bullish momentum has not formed strongly. If that support at 6,347 is breached again, corrective pressure could continue toward the 6,290 – 6,180 area. Conversely, a rebound needs to return JCI above 6,422 – 6,451, then 6,463 as the next resistance. If it manages to pass that area, JCI has a chance to test 6,552 – 6,591, before heading toward the 6,723 area. ADVISE: Wait & see, Speculative buy. Stockpick: BBCA, CUAN, DEWA, INDY.