Harun Seminar IJST

1
Indonesian Journal of Science & Technology x(x) (20xx) x-xx
Indonesian Journal of Science & Technology

Journal homepage: http://ejournal.upi.edu/index.php/ijost/
Identify Supply and Demand Area

in Pt Unilever Indonesia Tbk. Share with B-Spline
Interpolation
Harun Al Rasyid, S.Si.1, Dr. Dewi Retno Sari S, S.Si., M.Kom.1
1
Department of Mathematics, Faculty of Mathematics and Natural Sciences, Universitas Sebelas Maret,
Surakarta, Ir. Sutami 36A Street, Surakarta, 57126, Central Java, Indonesia
Correspondence: E-mail: alrasyidharun35@student.uns.ac.id
ABSTRACT ARTICLE INFO
Article History:
Shares are tradable assets. An investor or shareholder can buy and Submitted/Received 00 xxx 2021
sell shares on the Indonesian Capital Market (IDX) or Indonesia Stock First Revised 00 xxx 2021
Accepted 00 xxx 2021
Exchange (IDX). IDX owns 744 shares including Pt. Unilever Indonesia First Available online 00 xxx 2021
Tbk. with the stock code UNVR. UNVR shares have experienced a Publication Date 00 xxx 2021
decline in price in the last 5 years (2018-2022) due to a stock split ____________________
corporate action. Buying and selling shares requires analysis so that Keyword:
investors have strong reasons to buy the selected stock, such as Stocks
technical analysis or technical analysis. Technical analysis is an anal- Technical Analysis B-Spline
ysis of stock historical prices and is used to look for patterns that Interpolation
form later on. Technical analysis has several methods, one of which Demand Area
Supply Area.
is the identification of demand and supply areas through chart or
stock charts. The demand area is an area dominated by stock buying
due to the low price offered for shares. The supply area is an area
dominated by sell-offs because stock prices are considered
expensive. The interpolation method is a numerical method by
creating a curve that passes through all the data points in the graph.
The analytical method in this study uses the B-Spline interpolation
method. The analysis in this study has identified the demand area of
UNVR shares at a price of 3500-3660 on 22/03/2022 to 04/04/2022
with a price of 4570-4560 on 05/09/2022 to with 12/09/2022. There
are 4 identified supply areas in UNVR shares, one of which is at a
price of 5025-4860 on 20/06/2022 to 01/07/2022. UNVR investors
have the potential to profit if they buy UNVR shares in the demand
area compared to the supply area. UNVR investors who buy in the
demand area can sell in the supply area because UNVR’s share price
in the red area is already high.
© 2021 Tim Pengembang Jurnal UPI

Dr. Dewi Retno Sari S, S.Si., M.Kom., Identify Supply and Demand Area... | 2
1. INTRODUCTION weakness of MA in identifying of demand
and supply area. Nikolay [3] use smoothing
Trading is an activity to trade goods spline interpolation to identify Head and
based on its value. The value of goods is Shoulder Pattern in Bitcoin asset. Liang [4]
built by the bargaining frequency by buyer studies probability of Head and Shoulder
and seller. This activity can be seen in pattern shown in a few stocks by 7.87 %
currency market, stock market, crypto percentage.
market, and commodity. For example, coal Pt. Unilever Indonesia Tbk. is public
price is established by the amount of company and multinational with big market
demand and supply between buyer and capital. Unilever works in certain sector such
seller (Zhu et al. [1]). Indonesia has variety as manufacturing product, marketing and
of assets to trade off such as stock, distribution consumption goods in 190
obligation, warrant, and rights. Those countries. Unilever have been listed in IDX
variety of assets are legal to trade by (Indonesia Stock Exchange), NYSE (New York
Indonesia’s laws and regulations. Stock Stock Exchange), Euronext Amsterdam, and
trade in a different timeframes in second, LSE (London Stock Exchange). PT Unilever
minute, hour, daily, weekly, monthly, and in Indonesia Tbk. make corporate action of IPO
year. Each of participant who joined in stock (Initial Public Offering) in Indonesia Stock
market have a different interest or purpose. Exchange in 11 August 1982 with code
However, stock investor or people who UNVR. The amount of public shareholders in
interest in stock market tend to find capital UNVR is almost 15% of total share. UNVR
gain or profit. Capital gain can be obtain by shares its dividend with investor each year.
analysis called technical analysis. UNVR could perform a raising net and gross
Technical analysis is method to help profit. In other word, UNVR financial report
investor to determine the proper point of performs with great result in 4 years (2018-
price by using historical price chart. 2022). Theoretically, when financial report
Technical analysis tend to focus of chart of company performs in a good result thus
pattern than financial report of company. its stock price should get appreciation.
There are example of technical analysis However, in this case stock price of UNVR
such as Moving Average (MA), Moving went low for 4 years. Therefore, this
Average Convergence Divergence (MACD), research is used technical analysis with B-
Commodity Channel Index (CCI), Stochastic Spline interpolation to identify demand and
Oscillator and Pattern Recognition. Those supply area.
method gives a signal to investor to buy or
sell their stock. Aycer & Santur [2] shows a
”History Repeat Itself” with thus stock price
2. METHODS movement tend to repeat in same point. In
2011, Xiaowi et al. built model called Echo
In this paper, Andrew & Mackinlay [5] State-Network (ESN) with demand and
examined the movement of stock is affected supply basis and this model simulate
by demand and supply. Price stock does not investor strategy in America United State
move in a random way and it is proved by market stock to determine direction of
Andrew & Mackinlay [6] differ between trend. Moreover, in 2019 Nikolay et al. [3]
variance estimator and frequency of stock’s found Head-And-Shoulder pattern in bitcoin
volume. Moreover, Lawrence[7] shows S&P with spline interpolation.
(Standard and Poor) stock lose 508.32 in the
same time as United States economic crisis 2.1. Stock
in 1987 thus stock movement correlated Stock is a legal tradeable value asset in
with external factor. Eugne [8] defines Indonesia Stock Exchange (IDX). Rusdin [11]
DOI: http://dx.doi.org/10.xxxxx/ijost.vXiX
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3 | Indonesian Journal of Science & Technology, Volume x Issue x, April 20xx Hal x-xx
explains definition of stock as a legal of
someone’s share having a listed public Issuers or stock listed on the IDX have
company. Investor may participate in special rights in carrying out
corporate action or an action of public corporate actions. Corporate action is
company that affects growth of company an issuer’s action by giving special
itself. Saboo & Gredwal [12] explains each of rights to all shareholders. The
investor has different method, goal, objectives of corporate action include
timeframe, and type of stock in stock increasing stock liquidity, reducing
market. Moreover, Fakhrudin [13] the amount of issuer debt, increasing
categorizes 3 stock based on its issuer capital, and monitoring the
performance. issuer’s financial condition. According
to Sheridan et al. [16] there are 6
1. Blue Chips Stock corporate actions described as
Blue Chips Stock is stock with big follows.
market capitalization and it public
company is a leader in certain 1. Initial Public Offering (IPO)
industry. Blue chip stock may share its Initial Public Offering is the act of an
dividend constantly and it has a great issuer offering its shares to the
performance on financial report each general public for the first time. The
quartal. Blue chips moves fluctuate IPO action is the first step for issuers
during month of November until May to be listed on the stock market
caused of ”Window Dressing” action. (Saboo and Grewall [12]). In general,
Window Dressing is a investment issuers get additional capital from
strategy by marketing fund to raise banks or financing institutions.
their client of portfolio. However, if the conditions are not
met, the issuer has another option,
2. Small Cap Stock namely using funds from the public
through shares. The purpose of an
In this type, some stocks move more issuer conducting an IPO is to develop
fluctuating than Blue Chips type. the issuer’s business, pay the issuer’s
Investor who likes in a high risk may debt, and obtain additional capital
more interested in small cap rather in from the public for operational costs.
Blue Chips (Lorne[14]). However,
investor may have a potential to gain 2. Dividend Distribution
more profit although Blue Chips may
give a sufficient profit with 1-3 % in a The issuer’s profit can be allocated to the
day. provision of employee bonuses or joint
profit sharing to investors who hold the
3. Counter-Cyclical Stock shares for the period Cum Date to Ex Date.
Counter-Cyclical categorize as stock Dividends are the issuer’s profits which are
which moves independently or it has shared with investors in order to give
a few relation with any economic investors confidence that the issuer’s
index. Counter-Cyclical stock sector performance is in good condition. Investors
consist of consumer goods, mining, who own shares before the Cum Date or the
and palm oil company. Moreover, schedule for recording dividend recipient
price of its stock does not affected by rights and do not sell them during the Ex
economic movement in fluctuate way Date are entitled to receive dividends equal
thus it can be called as a defensive to the number of shares owned multiplied
stock (Antonio et al. [15]).
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by the issuer’s dividend price on the Payment Date.
Figure 1. Company profit optional.
Reverse stock split is a merger of

shares by reducing the outstanding
3. General Meeting of Shareholder shares and increasing the share price.
A GMS is a meeting consisting of The purpose of the reverse stock split
shareholders, directors, and the is to increase the price of shares that
board of commissioners of the issuer the IDX (Indonesian Stock Exchange)
that convenes. GMS is aimed at 9 considers cheap. The price increase
company developments both in terms was due to internal economic
of finance, company performance, problems from an issuer so that the
and company organizational shares had to be issued. This is in line
structure. Shareholders have the right with the research of Adam et al. [17]
to know and provide opinions that the action of reverse stock split
regarding changes to the budget, tends to harm new investors due to
organizational structure, and the action of take profit of old
corporate action plans determined by investors. Furthermore, Hwang [18]
the directors and the board of conveyed that the reduction in
commissioners. transaction volume resulted in a
4. Stock Split decrease in the interest of traders to
Stock split is the distribution ratio of make transactions in these shares.
outstanding shares. The purpose of
the stock split is to reduce the price 6. Right Issue
fraction offered by investors by
increasing the number of shares so Rights issue is a corporate action by
that the share transaction increases. offering new shares at a lower price
This increase in stock transaction to old investors with the aim of
volume is beneficial to trader because increasing the issuer’s capital. This
stock prices move more volatile. This initial public offering is intended to
is in line with Sheridan et al. [16] that increase the market capitalization of
large transaction volumes generate the issuer. Old investors get priority
momentum in seeking profits. This to order and buy new shares. Next,
profit is obtained through an increase according to Abdullah et al. [19] the
in demand investors so that the rights issue action tends to provide
transaction volume increases. positive sentiment for these shares
5. Reverse Stock Split
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which causes an increase in demand
for new share orders.
However, there is risk to consider such as
Lixing et al. [20] explains there are two capital lose. This risk happens when investor
methods to gain profit in the stock market sells stock in lower price than buy price. Lei
such as capital gain and dividend or share of et al. [21] shows capital lose caused by
the company’s gross profit. Capital gain is a demand of market falls strongly thus its
profit that obtains by the difference of buy supply adjusts with fluctute state to
price with a higher price than sell price. maintain its price.
2.2 Technical Analysis

Technical analysis is a method of analyzing stock price movements by identifying patterns
formed by previous stock price movements. The stock price pattern that is formed and
arranged by representing the lowest bid price line (Support) and the highest demand line
(Resistance) (Chong [10]). According to Escobar et al. [22] technical analysis assists investors
in determining stock prices that tend to move repeatedly due to Support and Resistance. In
technical analysis, the term candlestick is used as a graphical representation.
Figure 2a. White candlestick. Figure 2b. Black candlestick.
Candlestick is visualized as the share price composed by the prices at opening, closing,
high and low (Nison [23]). If in one day a stock sale and purchase transaction occurs, a
candlestick is formed. A trader who familiar with chart or someone who is skilled at using
stock historical data relies on using candlesticks with timeframe seconds, minutes, days,
weeks, and months. The IDX sets a white candlestick to represent rising stock prices, while a
black candlestick represents falling stock prices (Figure 2.1). The black Candlestick is formed
due to a selling action while the white candlestick is formed due to a buying action.
2.3 Demand area and supply area
The demand area is a collection of candlesticks that are limited by the same demand price
line for each candlestick, while the supply area is a collection of candlesticks that are limited
by the stock bid price line. Research Escobar et al. [22] describe psychological investors who
tend to accumulate or buy shares in the demand area in the hope that stock prices will rally
or trend up, while psychological investors tend to distribute their shares in the supply area
as shown in Figure 2.2. Shares that accumulate in large quantities cause a small number of
stocks so stock prices increase. Furthermore, Ming-Ming [24] said that if buying volume
exceeds selling volume in the supply area, the area will experience a breakout condition.
Breakout is a condition with a large increase in transaction volume which causes a change in
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the demand area to become a supply area (vice versa). This condition resulted in a new
trend due to significantly increased volume.
Figure 3. Demand (green) and supply (red) area
( x−x 0 ) ( x−x 1 )
2.4 Spline Interpolation + y1
( x 2−x 0 ) ( x 2−x 1 )
According to Kendall [25] interpolation is the
process of evaluating and looking for
functions that pass through the data set n
(x−x j )
available in the graph. In general, the P3 ( x ) = ∏ (3)
interpolation function is selected from a j=1 , j ≠k (x k −x j )
group of certain functions, one of which is a n

with degree polynomial and
polynomial function. The main goal of j , k =1 ,2 , … , n. According to Atkinson [25],
obtaining polynomials is to replace complex
the high-degree polynomial interpolation
functions and unknown equations. method produces a significant error because
According to Richard [26], the interpolation
it is oscillatory or the movement up and
curve can be cut with knots or vertices. down the graph quickly. Interpolation that is
Kendall [25] stated that knots are points
oscillatory causes data changes at small
that divide the interpolation curve into intervals to cause significant fluctuations in
several intervals. If the data pairs are known
the entire interval. Spline is a function that
¿ n data with x 1< x2 < x 3 <...< x n and the divides each interval containing point data
polynomial P( x ) such that P( x i)= y i for into several subintervals and each
1 ≤i ≤n .This polynomial is considered to subinterval is composed of an interpolated
interpolate the y i values in the table with polynomial. Thus, the spline is able to
any x values for x 1 ≤ x ≤ x n which are called overcome the oscillatory nature because it
knots or knots. There are several types of divides the data into intervals. According to
interpolated polynomial functions, such as Burden [26], there are 3 degrees of spline
first-degree equation polynomials ( P1 (x)), polynomials of degree 1( S1i (x )), degree
second-degree equation polynomials 2 3
2( Si (x )), and degree 3(Si ( x )) , each of
(P2 (x)), and degree k polynomials or
which is written
Lagrange polynomials (Pk (x )), each of x−x i+1
1
which is written as Si ( x ) =f i (4)
x i−x i+ 1
( x 1−x ) y 0 + ( x−x 0 ) y 1 (1)
P1 ( x )=
x 1−x 0 x−x i
+ f i+1
x i+1 −xi
( x−x 1 ) ( x−x 2) (2)
P2 ( x ) = y 0
( x 0−x 1 ) ( x 0−x 2) mi+ 1−mi
2 2
Si ( x ) = ( x−xi ) + mi ( x−x i ) +f i (5)
2 ( x i+1−x i )
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P3 ( x ) =
3
m i+1 ( x−x i ) +mi ( x i +1−x )
3 +
( t i+3+1 −x
t i+3 +1−t i+1 )
B 2i+1 (x)
6 ( x i +1−x i)
+ ( x i+1−x ) f i +1+ ( x−x i ) f i
xi +1−x i
Bki ( x ) =
( x −t i
)
B k−1
t i+k −t i i
( x) (11)
−( x i+1− xi ) ¿ ¿
+ ( x−x i ) mi+1 ¿ ¿ (6)
6
+
( t i+k+ 1−x
)
B k−1 ( x)
t i+ k+1−t i+1 i+1
Pk (x ) : interpolation function, x : time series data,

Si ( x ) : spline interpolation function, i : data index,
i : index, ti : knot with i,
mi: knot with i data k : degree of interpolation,
k−1
f i , x i : pair of data with i data, and Bi ( x ) :basis of B-spline
f i+1 , x i+1 :pair of data with i+1 data. interpolation with k-1
degree in i data, and
k
2.5 B-Spline interpolation Bi ( x ) :basis of B-spline
B-Spline interpolation is a function interpolation with k
degree in i data.
approach using a function basis and
The number of knots needed is n and k is
intersecting the curve with vertices. The
the degree of n number of data (Briand &
result of the B-Spline interpolation is a linear
Monasee [27]). The B-spline interpolation
combination between the interpolation
function is composed by a combination of
coefficients and the B-Spline basis.
the linear basis and the B-Spline interpo-
According to Briand & Monasse [27] there
lation coefficients in the following form.
are five types of B-Spline bases namely
degree 0 ( B0i ), degree 1 ( B1i ) , degree 2 ( Bi ) ,
2 n
Pk ( x )= ∑ c i Bki ( x ) (12)
degree 3 ( Bi ) , and degree k ( Bi ) written as
3 k
i ∈N
Pk (x )
{
0 1 t i ≤ x ≤ t i+1 : B-spline interpolation k
Bi = (7) degree,
0 other
x : data,
{
k : degree of B-spline ,
1 x ≥ t i+2 or x <t i (8) i : data index,and
x −t i ci :coefficient of B-spline
1 t ≤ x <t i+1
Bi ( x )= t i+1−t i i interpolation.
t i+2−x
t ≤ x< t i+ 2
t i +2−t i +1 i +1 In selecting the coefficient obtained
based on the value of s or the value of
( )
x−t i smoothing curve. As written in equation (13)
B2i ( x )= B1 ( x ) (9)
the small s smoothing value causes a rough
t i +2−t i i
B-Spline curve representation, whereas if s
+
( t i+2+1−x
t i+2 +1−t i+1 )
B1i +1 (x)
has a large value, the smoother B-Spline
curve representation.w value tells the
weight number that control value difference
B3i ( x )=
( x−t i
t i +3−t i )
B2i ( x ) (10)
between data. The universe values of s and
w are s , w ∈ Z . The following condition for
smoothing Pk (x i) curve is written as
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n
Pk (x i) :B-spline interpolation
∑[ ( )]
2
k
wi P ( x i )− y i ≤ s (13)
i ∈N
with
k degree,
x : time series data,
i : index data, wi : weight with i data,
s : smoothing value, and
yi : data with index i .
3. RESULTS AND DISCUSSION

3.1 UNVR stock data description
This sub-chapter provides a description of UNVR stock data. UNVR stock data is recorded
only on working days, namely Monday, Tuesday, Wednesday, Thursday and Friday (except
national holidays). Initial UNVR share data was listed on the IDX on January 11, 1982.
Research data began on January 4, 2021 to December 23, 2022 so there are 488 data that
are visualized as shown in Figure 4.
Figure 4. Scatter plot of UNVR in January 2021 – December 2022.
Figure 5 shows UNVR shares have decreased over the last 5 years, namely from 2017 to
2022, while in previous years, such as 2006 to 2016, they experienced a rally or an upward
trend. The trend resistance or decline in UNVR’s share price is due to the stock split
corporate action as defined in subsection 2.1. The corporate action resulted in panic selling
resulting in massive stock selling. The purpose of the stock split as shown in subsection 2.1
on UNVR shares is that investors can buy UNVR shares at a low price. The support line or the
lowest bargaining point is needed to determine the buy price. The first step in identifying
supply and demand areas is to determine the support line by calculating the B-Spline
interpolation value.
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Figure 5. Price of UNVR in 2008-2023.
3.2 Applying B-Spline interpolation in UNVR

Interpolation B-Spline requires composed of the value knot t and the value
several values, namey coefficients c and x. Value of knots are shown in Table 1 with 5
knots t as described on page 7. The sample of it.
coefficient values are affected by the
independent variable s as in equation (11) Table 1. Vector knot of B-Spline interpolation with 1
with s=1 and weight w=1 resulting in the 2, and 3 degrees
Knot B-Spline interpolation
constant selection conditions being
k =1 k =2 k =3
constructed so the equation can be written 0 0 0
as in equation (14) 0 0 0
1 0 0
n 2 1.5 0
∑ [ wi ( Pk ( x i )− y i ) ] ≤ s
2
(14) 3 2.5 2
i ∈N
Equation (14) is guaranteed to be Table 1 shows the number of knot

positive because it states the distance increases as the degree of B-Spline
between the interpolation function and real interpolation increases. The selection of
data and is used to obtain the value of the knot values is done by dividing the average
B-Spline interpolation coefficient at degrees internal by the amount of n+2 of data. The
1,2, and 3. The coefficient value of c i next step to calculate each B-Spline
depends on the base B-Spline ( Bi ) on each
k interpolation coefficient based on equations
(14) and (5). The initial results are showed in
index i with the base construction B-Spline
Table 2.
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Table 2. B-Spline interpolation degree of 1,2,and 3 increases as the degree of B-Spline
Date UNVR B-Spline Interpolation interpolation increases. The results in Table
Trade Stock
Price
( k
)
P ( xi) 3 are obtained by reducing the interpolation
( yi ¿ k =1 k =2 k =3 value with the data.
Table 3. Eror value of B-Spline interpolation
04-01- 7500 7500. 7500.0 7500.0 coefficient with degree of 1,2, and 3
2021 0 00000 00000
05-01- 7500 7500. 7538.0 7529.2 k Eror Value of B-
2021 0 70425 29906 Spline Interpolation
06-01- 7400 7400. 7411.1 7491.5 Coefficient
2021 0 69008 40189 1 0
07-01- 7250 7250. 7220.2 7204.3 2 18.23041916
2021 0 95808 56384
08-01- 7275 7275. 7267.0 7262.8 3 32.25764766
2021 0 56153 30227
The next step is to represent the graph using
B-Spline interpolation value of degreesk =1 package matplotlib. The representation is
has no difference with the UNVR stock price used to get demand and supply area. UNVR
data shown in Table 2. However, there is a stock data, knot, and the results of the
difference in the value of the coefficient interpolation are interpreted as scatter plots
with degreesk =2and k =¿3 to the UNVR as shown in Figure 5. The B-Spline
stock price data so that the degree of B- interpolation curve of degree 1 in Figure 6
Spline interpolation has an effect on the explains that the line passes through all data
smoothing of the B-Spline interpolation points while the B-Spline interpolation
curve. This is confirmed by the findings in curves of degrees 2 and 3 approaches UNVR
Table 3 which shows that the error value of stock data.
the B-Spline interpolation coefficient
Figure 6. Representation of B-Spline interpolation with degree 1,2, and 3 and its knot
3.2 Applying B-Spline interpolation in UNVR
After obtaining the B-Spline interpolation curve, the next step is identifying the demand and
supply areas. The characteristics of the demand and supply areas are shown in Figure 2 with
the curve experiencing a break or repeated price movements at the same intervals. The
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movement is limited by the line support or resistance. These lines form an area as shown in
Figure 6.
Figure 7. Demand and supply area of UNVR interpreted by B-Spline

interpolation with degree of 1,2, and 3
The green area is the demand area with investors who buy shares in the demand
repeated price movements after a falling area so that investors are able to sell related
trend occurs. There are two demand areas, shares due to profit-taking action. This
namely at the price interval of 3500 on days happened to UNVR stock with a rally rising
300-310 and 4500 on days 408-413 as on day 300 to 330 and followed by a red
shown in Table 4. At that price, investors area shown in Figure 6. The red area is the
buy shares at prices at the same intervals so supply area with repeated bidding price
that the number of requests for shares movements. This area is used by investors to
increases. The increase in demand for UNVR sell shares purchased by investors in the
shares causes a rally or upward trend green area. Investors who buy shares in the
because the bid price for shares is too low red area have less profit potential than
so investors have a greater profit potential investors who buy in the green area. Figure
when buying shares in the green area. 7 shows the stock distribution in the 4
supply areas so that it crosses the uptrend
The stock price will decrease if the price line. These areas include days 354-364, 370-
experiences a rally increase. This is due to 383, 390-399, and days 440-446 and are
the relatively high capital gain potential for presented in Table 4.
. Table 4. Demand area at day 300-310 and 408-413

Date Trade UNVR Stock Price
(k
B-Spline Interpolation P ( x i ))
k =1 k =2 k =3
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22-03-2022 3500 3500.0 3499.494303 3494.210712
23-03-2022 3510 3510.0 3529.519839 3543.259561
24-03-2022 3420 3420.0 3403.386662 3392.751044
25-03-2022 3420 3420.0 3410.160191 3405.736264
28-03-2022 3490 3490.0 3495.652190 3504.303899
29-03-2022 3560 3560.0 3535.926668 3517.048141
30-03-2022 3740 3740.0 3768.787799 3787.503536
31-03-2022 3760 3760.0 3771.346537 3772.937716
01-04-2022 3690 3690.0 3683.132980 3680.745602
04-04-2022 3660 3660.0 3649.855584 3644.079876
05-09-2022 4570 4570.0 4571.936107 4575.145363
06-09-2022 4540 4540.0 4525.366243 4516.116914
07-09-2022 4590 4590.0 4595.866433 4600.386980
08-09-2022 4610 4610.0 4619.435156 4622.335166
09-09-2022 4570 4570.0 4567.522631 4570.272356
12-09-2022 4560 4560.0 4535.429061 4516.575410
4. Conclusion
Based on the results and discussion, conclusions can be drawn regarding the identification
of demand and supply areas, namely
1. The degree of interpolation B-Spline does not affect the process of identifying the
demand area and the supply area because the error value does not significantly
affect the characteristics of the area.
2. UNVR shares in January 2021 to December 2022 there are 2 demand and 4 supply
areas,
3. Investors who buy shares in the demand area have a large advantage compared to
buying shares in the supply area.
5. ACKNOWLEDGMENT
The authors would like to thank Mathematical Soft Computing Research Group for their
moral support and incisive comments to improve this article The research described in this
paper is supported by a fundamental grant from the Research and Community Service
Institute of Universitas Sebelas Maret through a letter of agreement for the implementation
of the research implementation of the non-APBN Fund No. 254/UN27.22/PT.01.03/2022.
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1

Indonesian Journal of Science & Technology x(x) (20xx) x-xx

Indonesian Journal of Science & Technology

Identify Supply and Demand Area

© 2021 Tim Pengembang Jurnal UPI

Figure 1. Company profit optional.

Reverse stock split is a merger of

2.2 Technical Analysis

Figure 2a. White candlestick. Figure 2b. Black candlestick.

Figure 3. Demand (green) and supply (red) area

group of certain functions, one of which is a n

Pk (x ) : interpolation function, x : time series data,

3. RESULTS AND DISCUSSION

Figure 4. Scatter plot of UNVR in January 2021 – December 2022.

Figure 5. Price of UNVR in 2008-2023.

3.2 Applying B-Spline interpolation in UNVR

Equation (14) is guaranteed to be Table 1 shows the number of knot

3.2 Applying B-Spline interpolation in UNVR

Figure 7. Demand and supply area of UNVR interpreted by B-Spline

. Table 4. Demand area at day 300-310 and 408-413

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