Business · Markets · 3 hrs ago
Analysts Forecast Further Losses for Indonesia’s Jakarta Stock Index
The Jakarta Composite Index fell 3.78% on Tuesday, closing at 4,904 points.
The index tracks shares traded on the Indonesian stock market in Jakarta.
Two analysts expect it could fall further in Wednesday’s trading after it dropped below a key level.
One forecast a possible decline to between 4,763 and 4,845 points, but said a short-term rebound to 4,908–4,914 was also possible.
Another said a break below 4,972 points signalled further downside, with targets as low as 4,652.
The forecasts point to continued uncertainty for investors, and the index’s next moves will show whether the decline continues or a rebound takes hold.
Analysts forecast that Indonesia’s Jakarta Composite Index may fall further in trading on Wednesday, November 4.
MNC Sekuritas analyst Herditya Wicaksana said the index could test 4,763 to 4,845, though a short-term rebound remained possible.
Binaartha Sekuritas analyst Ivan Rosanova said the index could continue weakening after breaking support at 4,972.
The index closed at 4,904 on Tuesday, down 192.54 points, or 3.78 percent.
- Who
- Technical analysts Herditya Wicaksana of MNC Sekuritas and Ivan Rosanova of Binaartha Sekuritas.
- What
- They forecast further losses for the Jakarta Composite Index, while Herditya said a short-term rebound remained possible.
- When
- The forecast was for Wednesday, November 4. The index’s reported close was on Tuesday, November 3.
- Where
- Jakarta, Indonesia.
- Why
- Herditya cited a possible continuation of the index’s correction; Rosanova said it had broken the key support level of 4,972.
This story does not have two clearly opposing sides.
The Jakarta Composite Index closed at 4,904, down 192.54 points or 3.78 percent.
Analysts forecast further declines in the index, with a short-term rebound also possible according to Herditya Wicaksana.
- Index close
- 4,904 on November 3
- Daily change
- Down 192.54 points, or 3.78 percent
- Herditya’s correction range
- 4,763-4,845
- Herditya’s possible rebound range
- 4,908-4,914
- Rosanova’s next target
- 4,737, with a further possible decline to 4,652
What people are saying
In wave (v) of wave [v], the index could test the 4,763-4,845 area. However, the possibility of a technical rebound to the 4,908-4,914 range remains open.
The break below 4,972 indicates the potential formation of wave iii toward 4,737 as a Fibonacci target. If that target is reached, wave v could take the index down to 4,652.