Jakarta

Jakarta index is finally trying to break out after consolidation for almost ten months. The wave structure suggests that the Jakarta index has already started its wave V which is further getting subdivided. Broadly, the Jakarta index is possibly heading higher towards 7240 where wave V and I will be equal. The weekly momentum indicator is in bullish mode and the index is trading above the key moving averages. On the way down, the 40WEMA, which is currently pegged at 5986 shall be a crucial support level to watch out for in the forthcoming weeks.