By Pungky
The Indonesian stock market is slowly trying to regain its balance after a rough stretch. Following several sessions of heavy pressure, the Jakarta Composite Index (IHSG) is now showing early signs of a possible rebound heading into Friday’s trading session, January 30, 2026.
That doesn’t mean the danger is over. Volatility is still high, and market sentiment remains fragile. However, the fact that selling pressure has started to ease gives traders a reason to stay alert rather than panic. In moments like this, opportunities often appear quietly, not loudly.
Selling Pressure Is Still There, But It’s Losing Strength
IHSG closed the previous session down about 1%, settling around the 8,231 level. During the day, the index even dipped sharply to the 7,400 range before managing to recover part of the losses. This recovery, although modest, is important. It shows that buyers are beginning to step in at lower levels.
Foreign investors are still recording net selling, but the intensity has noticeably slowed compared to earlier sessions. That shift alone has helped calm the market. When selling pressure eases, even slightly, the index usually gets room to stabilize and form a short-term base.
On top of that, recent stabilization efforts announced by market authorities have helped reduce panic. While confidence hasn’t fully returned, the worst-case fears seem to be fading, at least for now.
Technical Picture: Rebound Is Possible, But Limited
From a technical standpoint, IHSG is currently sitting at a critical zone. The 7,950–8,000 area is acting as a key support level. As long as the index stays above this range, a short-term rebound remains on the table.
That said, investors shouldn’t expect a smooth rally. The nearest resistance is around 8,400, and breaking above this level will not be easy. Stronger volume and positive sentiment are needed for that to happen.
For now, the most realistic scenario is a choppy recovery rather than a full trend reversal. The market may move up and down while trying to regain stability.
Global Markets Add to the Uncertainty
External factors are still playing a role. Wall Street’s latest session ended with mixed results, reflecting uncertainty among global investors. Some indexes managed to post small gains, while others remained under pressure.
This mixed performance signals caution. Global investors are not yet ready to fully embrace risk, and that attitude affects capital flows into emerging markets, including Indonesia.
Still, uncertainty doesn’t always mean there’s nothing to do. In fact, volatile conditions often create short-term trading opportunities, especially in stocks that have already corrected deeply.
Trading Strategy: Stay Selective and Patient
In markets like this, discipline matters more than bravery. Chasing stocks that have already jumped is risky, while panic selling near support levels often leads to regret.
The smarter approach is selective trading. Focus on stocks that can hold their support levels and show increasing volume. These signals often suggest that selling pressure is weakening and buyers are quietly returning.
Short-term trades are possible, but position sizing and risk control should be top priorities. This is not the time to go all-in.
Three Stocks Worth Watching
Amid the current market conditions, several stocks are showing technical patterns worth monitoring. Below are three names that stand out for short-term trading opportunities:
🔹 Merdeka Copper Gold (MDKA)
MDKA has demonstrated relative strength despite overall market weakness. In the last session, the stock managed to stay above its key support zone around 2,890–3,070, supported by rising trading volume.
This kind of price behavior often signals accumulation. If market sentiment improves, MDKA could attempt a short-term move toward the 3,360–3,470 resistance area.
Traders may consider entering gradually rather than all at once, keeping a close eye on volume and overall market direction.
🔹 GoTo Gojek Tokopedia (GOTO)
GOTO has been under pressure for quite some time, but recently it showed signs of stabilization. The stock successfully held above the 56–60 support range, accompanied by increasing volume.
If buying interest continues, a rebound toward the 65–69 area is possible in the short term. However, GOTO remains highly volatile, so strict risk management is essential.
This stock is more suitable for traders who are comfortable with fast price movements and quick decision-making.
🔹 Elnusa (ELSA)
Compared to the other two, ELSA offers a calmer price movement. The stock posted a modest gain in the last session and stayed above its support range of 590–610.
If market conditions allow, ELSA could continue moving higher toward the 675–710 resistance zone. Its relatively stable behavior makes it attractive for traders looking for a more controlled risk profile.
Rebound Doesn’t Mean the Risk Is Gone
While rebound potential exists, it’s important to stay realistic. The market is still sensitive to news, policy updates, and global developments. Sudden changes in sentiment can quickly reverse gains.
That’s why stop-loss discipline is critical. Protecting capital should come first, especially during volatile periods like this. Traders who survive uncertain markets are often the ones who benefit most when conditions finally improve.
Final Thoughts
IHSG may not be fully out of trouble yet, but early signs of stabilization are starting to appear. As long as key support levels hold, short-term rebound opportunities remain open, although upside potential is likely to be limited.
For traders, this is a market that rewards patience and discipline. Stocks such as MDKA, GOTO, and ELSA deserve attention, provided trades are executed with clear plans and proper risk control.
In uncertain markets, staying calm and selective often delivers better results than aggressive moves.
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