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Japan lifted its tsunami warning following the earthquake in the Tohoku region.The US dollar continued its decline against the Malaysian ringgit (USD/MYR), reaching its lowest level in more than four years at 4.0920.On December 12th, Daiwa issued a report reiterating its "Buy" rating on J&T Express-W (01519.HK) and raising its target price from HK$11 to HK$12.5 to reflect its growth potential in Southeast Asia and new markets. After years of intense competition, the Thai market is consolidating, and management is optimistic about the prospects of the Thai business, aiming to increase market share. The report indicates that J&T Express management expects the growth potential of parcel volume in Thailand to be five times the current market size, and is confident that the company can outperform the Thai industry average growth rate with several competitive advantages, including the highest density of delivery personnel coverage, the degree of equipment automation, growth in non-e-commerce parcel volume, a high degree of alignment of employee interests, and a diversified global business layout.Meta Platforms (META.O): Aman Jain has been appointed as Metas Head of Public Policy in India.December 12th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices rose in the previous trading day after hitting oversold levels, but subsequently, the Relative Strength Index (RSI) showed positive signals, attempting to shake off the oversold state and recover some previous losses. However, the bearish trend remains dominant in the short term, and the possibility of a sustained rebound is reduced as prices continue to fall below the 50-day moving average.

WTI Price Analysis: A decline below the 61.8% Fibo at $87.00 is likely

Alina Haynes

Sep 21, 2022 14:31

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Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) have destroyed Monday's stronger bounce. The price of black gold drew large bids below $82.00 and climbed, but the upswing was cut short and the asset continued its decline. Oil prices are hanging around $83, and it is anticipated that they will remain the same.

 

The asset has effectively established below the 61.8% Fibonacci retracement (placed from the low of December 2, 2021 at $62.34 to the high of March 12 at $126.51) at $87.00 on a daily scale. Typically, a break below the 61.8% Fibo retracement level signifies the culmination of the whole downward swing.

 

The decline of the 20-period and 50-period Exponential Moving Averages (EMAs) at $87.00 and $91.25 respectively adds to the downside filters.

 

In addition, the Relative Strength Index (RSI) (14) is close to changing into the negative zone of 20.00-40.00, which will accelerate the momentum to the downside.

 

A decline below the monthly low of $80.96 will push the asset towards the high of $77.20 on 29 December 2021, followed by the high of $73.17 on 9 December 2021.

 

In contrast, the asset will regain strength if it surpasses the $90.00 round-level resistance. This will cause oil prices to approach a 50% Fibonacci retracement at $94.32 and psychological barrier at $100.00.


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