Oil Price Surge May Drag JCI to New Lows

The Jakarta Composite Index (JCI) may face further decline on Friday after closing 0.30% lower at 6,315.31. Analysts at Phintraco Sekuritas believe the surge in crude oil prices will continue to negatively impact JCI. On Thursday, global crude oil prices rose sharply again, with WTI and Brent crude gaining around 3%, moving back towards USD 100 a barrel.

From a technical perspective, Phintraco analysts pointed out that JCI's Stochastic RSI has formed a death cross in overbought territory. However, the MACD histogram remains in positive territory despite showing signs of narrowing. The three main Wall Street indices closed lower overnight due to rising oil prices and sell-off in artificial intelligence-related stocks.