Business · Markets · 3 hrs ago
Indonesia’s IHSG forecast to rise, but analysts warn of possible correction
The IHSG, Indonesia’s main stock index, closed at 5,328 on Wednesday, up 0.94% from the previous session.
Technical analyst Herditya Wicaksana said the index could continue rising, with a target of 5,407–5,458.
He also warned of a possible pullback, with a correction area of 5,117–5,166.
Analyst Ivan Rosanova expected a correction after the index tested resistance at 5,328.
He said the decline could be limited if the IHSG stays above 4,972, but a break below 4,972 could send it toward 4,784.
Thursday’s trading will show which direction the index takes; the analysts also gave different support and resistance levels for the session.
Indonesia’s IHSG composite stock index was forecast to rise on Thursday, October 22, although analysts warned that it could correct.
MNC Sekuritas analyst Herditya Wicaksana said the index could strengthen to 5,407–5,458, with a correction zone to watch at 5,117–5,166.
Binaartha Sekuritas analyst Ivan Rosanova expected a correction after the index tested resistance at 5,328.
Rosanova said the next direction would depend on whether the index stayed above support at 4,972.
The IHSG closed at 5,328 on Wednesday, up 49.47 points, or 0.94 percent.
- Who
- MNC Sekuritas analyst Herditya Wicaksana and Binaartha Sekuritas analyst Ivan Rosanova gave forecasts.
- What
- The IHSG was forecast to rise, but analysts warned of a possible correction.
- When
- The forecast was for trading on Thursday, October 22, 2026. The index closed on Wednesday, October 21.
- Where
- Indonesia’s stock market.
- Why
- Herditya saw scope for further gains, while Rosanova expected a correction after the index tested resistance at 5,328. Rosanova said whether the index held above 4,972 would affect its next direction.
Further-gains outlook
Correction outlook
Expected direction
Further-gains outlook
Herditya said the IHSG could continue strengthening toward 5,407–5,458.
Correction outlook
Rosanova expected a correction after the index tested resistance at 5,328.
Key levels
Further-gains outlook
Herditya identified a correction zone at 5,117–5,166.
Correction outlook
Rosanova said holding above 4,972 could limit the correction; a break below it could lead to a decline toward 4,784.
The IHSG closed at 5,328, up 49.47 points, or 0.94 percent.
Analysts forecast the IHSG’s direction for the trading day, with Herditya seeing scope for gains and Rosanova warning of a correction.
- Closing level
- 5,328 on October 21
- Daily change
- Up 49.47 points, or 0.94 percent
- Herditya’s projected range
- 5,407–5,458, with a correction zone at 5,117–5,166
- Rosanova’s key support
- 4,972; a break could lead toward 4,784
- Trading value
- Rp17.88 trillion
1 source
What people are saying
On wave iv of wave (iii) of wave [v], the IHSG has the opportunity to strengthen to 5,407–5,458, with a correction area to watch at 5,117–5,166.
As long as the IHSG holds above 4,972, the correction is expected to be limited and the minor uptrend may continue. However, if it breaks that level, the index could continue its downtrend toward 4,784.