IHSG Predicted to Strengthen All Day, Potential to Break New Record

JAKARTA – Composite Stock Price Index ( IHSG ) has the potential to strengthen throughout trading. The index movement will be in the range of 7,244–7,400.

Capital market observer and Founder of WH Project, William Hartanto said, IHSG formed an inverted head & shoulders pattern with a neckline at 7,358.

“So far the pattern has not been confirmed, but if it can be confirmed, then in the remaining 5 months until the end of 2024, the JCI could form a new all-time high. The MACD indicator forms a bullish divergence, clarifying the potential for further strengthening,” William wrote in his analysis, Wednesday (14/8/2024).

Also Read: IHSG Opens Stronger at 7,316, Three Stocks Lead Top Gainers

As for the previous day’s trading, the IHSG inverted head & shoulders pattern was almost confirmed, only 1 point away from the resistance stated at 7358.

“If a breakout is needed to be confirmed, then today’s strengthening can be said to be enough to say that this pattern is confirmed,” he said.

Meanwhile, the transaction value increased slightly compared to yesterday’s trading, this indicates that market players are still conservative, but foreign net buys were quite large, reaching IDR 588 billion.

Previously, the JCI closed up by 59.01 points (+0.81%) to 7357.63 on Tuesday, August 13, 2024. A total of 332 stocks rose, 230 stocks fell, and 224 stocks did not experience any price changes in yesterday’s trading. The transaction value reached 8.5T (all market).

Also Read: IHSG Ends in the Green at 7,356, Transactions Reach IDR 8.3 Trillion

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