The Comparative Effectiveness of RSI and MACD Indicators in Managing Stock Price Volatility of Indonesian State-Owned Banks in 2024
DOI:
https://doi.org/10.55538/ifr.v5i2.114Keywords:
RSI, MACD, Stock Volatility, Technical Analysis, SOEAbstract
This study investigates the effectiveness of the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) in mitigating stock price volatility in Indonesian state-owned banks (BUMN) during 2024. Using a quantitative approach with daily secondary data, panel data regression with a Fixed Effect Model (FEM) was employed, supported by classical assumption tests, t-tests, and F-tests. The findings show that RSI and MACD each have a significant positive effect on stock prices, and together explain 98.45% of price movements. RSI effectively identifies overbought and oversold conditions, signaling potential corrections, while MACD consistently captures trend momentum and reversals. The integration of both indicators provides a more robust analytical framework for anticipating volatility and optimizing investment decisions. This study enriches technical analysis literature by highlighting the complementary roles of RSI and MACD in strengthening decision-making strategies amid market uncertainty in emerging capital markets.
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Copyright (c) 2025 Sunarto Sunarto, Irenne Putren, Yunita Kwartarani, Islam Ali Akbar, Siti Aisyah Nurrizqi, Holiawati Holiawati
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