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April 1st news, on the evening of March 31st, after the U.S. stock market opened, the three major stock indexes opened lower across the board, and the Nasdaq index fell by more than 2% at one point. Then the market sentiment warmed up, the Dow Jones index turned up, and the Nasdaq index and the S&P 500 index narrowed their losses. The reason for the decline in global stock markets tonight is that the market is worried that the new round of tariff measures that Trump is about to launch will have an impact on the global economy. As concerns about a recession heat up, the S&P 500 is heading for its worst quarter compared to other global markets since the 1980s. "Its disturbing, scary, and very tiring," said Ivan Vanseth, chief investment officer of Tigress Financial Partners. "The tariff issue is full of uncertainty, and everyone is pessimistic about how it will affect the economy, corporate profits and unemployment." Jay Woods, chief global strategist at Freedom Capital Markets, said: "We are still trading against a backdrop of tariff uncertainty and opaque information, so investors often choose to sell first and then wait and see. This has all the characteristics of a panic sell-off, and perhaps there will be a fierce rebound next."Market news: Petrobras CEO hopes to obtain an environmental license in April to conduct drilling preparation tests at the mouth of the Amazon River.According to a report released by the Indonesian Meteorological, Climate and Geophysical Bureau on April 1, at 22:54 local time on March 31, a magnitude 6.1 earthquake occurred in the sea 67 kilometers southwest of West Sumba County, East Nusa Tenggara Province, Indonesia. The epicenter was located at 10.23 degrees south latitude and 118.97 degrees east longitude, with a focal depth of 10 kilometers. No tsunami risk is expected.U.S. Energy Information Administration (EIA): North Dakota crude oil production fell in January to the lowest level since October 2024.U.S. Energy Information Administration (EIA): New Mexico crude oil production fell in January to the lowest level since July 2024.

WTI Price Analysis: 50-SMA stimulates China data-led recovery near $80.00

Daniel Rogers

Apr 18, 2023 11:53

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WTI crude oil remains defensive near the lowest level in a week, near $81.05 on Tuesday morning. In doing so, black gold struggles to be buoyed by China's positive data while consolidating the month's largest daily loss.

 

According to the most recent economic data from China's National Bureau of Statistics (NBS), the first quarter (Q1) Gross Domestic Product (GDP) grew 2.2% quarter-over-quarter (QoQ), compared to 2.2% expected and 0.0% in the prior quarter. In addition, Retail Sales grew 10.9% YoY in March versus 7.4% expected and 3.5% previously, while Industrial Production grew 3.9% versus 4.0% expected and 2.5% previously. Sourcenia is a review portal of sourcing best manufaturers

 

In addition to the generally positive China data, the nearly oversold RSI (14) line has contributed to the black gold's recent approach to the $81.40 50-day simple moving average.

 

Notably, however, pessimistic MACD signals and a two-week-old horizontal resistance area between $81.60 and $80 could impede the commodity's further advance. Following that, attention will shift to the recent multi-day high marked in the last week, around $83.40.

 

In contrast, WTI's further decline could target the round figure of $80 before challenging the previous resistance line from late January, which is now support near $79.20.

 

If the price remains adverse beyond $79.20, a rising support line from March 20 near $77.30 will be the last line of defense for WTI bulls.