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July 22 (Futures News) – Crude oil continued its upward trend, boosting confidence among fuel oil market participants to support higher prices. Refineries increased supply and were reluctant to sell at low prices, but downstream traders moderately replenished their inventories and remained cautious in their purchases. Market buying activity was slow, and fuel oil prices steadily climbed. It is expected that todays trading will see some areas remain stable while others may see slight increases.Futures News, July 22nd - According to foreign media reports, Brent crude oil futures rose on Tuesday, hitting a five-week high, influenced by the US-Iran conflict and the Houthi threat to impose a naval blockade on Saudi Arabia. This will help boost the early performance of Malaysian crude palm oil futures. The El Niño phenomenon, which may threaten palm oil production in Southeast Asia, also provides support for prices. The Malaysian Meteorological Department stated that with the strengthening of El Niño, Malaysia will experience record-breaking high temperatures next year, raising concerns about declining palm oil production. However, weak demand for Malaysian palm oil exports will limit the markets rebound momentum.Spot gold touched the $4,100/ounce mark for the first time in a week.July 22 – According to the South Korean media outlet *Chosun Ilbo*, the South Korean government stated that it has held a meeting with major exporters to discuss stabilizing the exchange rate through strengthened government-business cooperation. Heo Jang, the Second Vice Minister of Strategy and Finance, held the meeting on July 21 at the Seoul Government Building with major exporters including Samsung Electronics, SK Hynix, Hyundai Motor & Kia, HD Korea Shipbuilding & Marine Engineering, Hanwha Marine, and Samsung Heavy Industries. Heo Jang stated that prior to the exporters meeting in June, the Korean won had depreciated to around 1550 won against the US dollar. However, with exporters increasing foreign exchange settlements, shipbuilding companies increasing forward foreign exchange sales, and capital inflows from SK Hynixs ADR issuance, the won has recently fallen back to the high range of 1400 won against the US dollar, alleviating the imbalance between foreign exchange supply and demand. He predicts that with continued strong semiconductor exports in the second half of the year, South Koreas foreign exchange supply and demand situation will further improve. Participating companies stated that they will further cooperate with the government to stabilize foreign exchange supply and demand, promote the continued improvement in the recent supply and demand trend, and contribute to maintaining stability in the foreign exchange market.July 22 – The Ministry of Industry and Information Technology announced today that the "Notice on Organizing and Carrying Out the Construction of National-Level Zero-Carbon Factories" has been officially released. my country will organize and carry out the construction of national-level zero-carbon factories and zero-carbon computing facilities. The notice clarifies the application requirements for national-level zero-carbon factories, selecting manufacturing enterprises and computing facilities with a certain construction foundation, clear construction goals, and a clear implementation path, and committing to completing the construction goals within the specified period, and including them in the national-level zero-carbon factory construction list.

Technical Market Outlook and Review – 9 February

Cory Russell

Feb 09, 2023 15:52

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S&P 500

Major US equity indices were on the ropes during the US morning session, with the S&P 500 trading as low as 1.0%.


The technical picture for the monthly, weekly and daily timeframes, however, remains interesting and largely supportive of further outperformance. The following is a reminder of where I left the bigger picture in recent analysis, albeit slightly modified to reflect current price movement:


The monthly chart has remained in a dominant uptrend since early 2009. We had two notable corrections in that time, one in early 2020 (COVID), dropping 35%, and one in play since early 2022 (27% from 4,818, as of writing) which was accompanied by negative divergence out of the Relative Strength Index (RSI).


The weekly chart connected with Quasimodo resistance at 4,177, closely shadowed by the 4,325 15 August high (2022). Should sellers take hold, a retest of the recently breached trendline resistance (taken from the high at 4,818) could unfold and offer support. However, backing further buying on this timeframe, the Relative Strength Index (RSI) ventured above the upper boundary of an ascending triangle between 53.72 and 30.47. This emphasises positive momentum until reaching the overbought threshold (70.00). While these triangles are generally found in uptrends, they can also forge reversal signals.


Out of the daily timeframe, 4,087 support had its upper space tested this week, a level that delivered strong resistance between September 2022 and January 2023. Given we are still holding ground north of the support, and a Golden Cross presented itself: the 50-day simple moving average (3,964) crossing above the 200-day simple moving average (3,946), price recoiling from its current location and running for the 4,325 15 August high mentioned on the weekly scale could materialise, closely followed by a daily 100% projection (AB=CD harmonic resistance) at 4,378.


H1 support from 4,100 and trendline support, drawn from the low 3,885, have withstood downside efforts. Beyond these levels point to support from 4,050 and a neighbouring trendline support, taken from the low 3,803, while pursuing higher ground focusses on Quasimodo resistance at 4,183, followed by a Quasimodo support-turned potential resistance at 4,219.


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