JAKARTA – Several analysts expect the Jakarta Composite Index (IHSG) to continue moving in a volatile and weakening trend in Wednesday’s (4/6) trading.

Ratna Lim, Analyst at Phintraco Sekuritas, said that uncertainty over the tariff war and its impact on the domestic market remains a negative sentiment.

Technically, Ratna noted that the decline in the Stochastic RSI indicator has begun to slow. However, the MACD histogram has started to enter negative territory.

“Therefore, IHSG is expected to continue fluctuating within the range of 6,980–7,100,” said Ratna in her latest domestic market research.

Meanwhile, Satriawan Haryono, Analyst at Maybank Sekuritas, projected that the IHSG would remain under pressure, with the nearest support at the 200-day Moving Average (MA) in the range of 6,978–6,920 and resistance at 7,088–7,167.

“In the short term, the outlook still appears mix-to-down,” said Satriawan.

Echoing this view, the Retail Research team at CGS International Sekuritas believes that the dominance of foreign investor selling remains a negative sentiment for the equity market.

“IHSG has the potential to consolidate within the 7,000–7,100 range. However, if it breaks down, the correction could extend to 6,900–6,850,” wrote an analyst at CGS International Sekuritas.

According to data compiled by IDNFinancials.com, the dominance of foreign selling on Tuesday (3/6) pushed net foreign sell to IDR 736.18 billion.

In the previous session on Monday (2/6), foreign investors also recorded a larger net sell, amounting to IDR 2.08 trillion. (KR/ZH)