Research

IHSG: May The Fourth Be With You

market-avatar

Algo Research Team

Market | May 04, 2023 | Views: 37

The content provided here is for informational purpose only. It is not an advise or recommendation. Please do your own research.
content-img

Key Summary:

  • Remain tactical to sell around resistance, buy near support
  • The negatives: Cyclical downturn, weak domestic activity and monetary tightening
  • The positives: Large cap results, flows & positioning and valuation

IHSG was greeted by high volatility after the holidays, where the last few days of April pushed the index higher but this has been reversed as we entered the month of May. Earnings results, macroeconomic data, FFR outlook, US banking crisis have all created much of the volatility in the beginning of 2Q23. We expect the market to remain in a rangebound in 2Q23 with resistance nearing 7,000 and support around 6,600 as there is not yet a significant catalyst to drive the market in either direction. Although the overall risks still tilt towards the downside, as outlined below. Our strategy remains tactical, to sell around resistance and buy near support.


Market review

How was our research?

DISCLAIMER: Algo is an independent research platform and is not affiliated with any financial institution. We are not a licensed securities dealer, financial advisor, broker, or investment bank. The contents shared across our website, and social media platforms are intended for informational purposes only and reflect our views and opinions. It is not meant to be construed as financial advice and/or a recommendation to buy or sell an asset. Past performance does not guarantee future results. As a research platform, our contents are made to provide data-driven information and research-based articles, and should not be used as a basis for making any investment decisions. We strongly encourage you to conduct your own research and consult with a licensed financial advisor before making any investment decisions. Algo is not regulated by OJK (Otoritas Jasa Keuangan) and does not provide any investment services. We are not responsible for any financial decisions you make based on the information provided. All content is presented with the intent of informing only.