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May 24th news, US President Trump said on May 23rd local time that if the mobile phones sold by Apple in the United States are made in foreign countries, they should face at least 25% tariffs. In an interview on the same day, US Treasury Secretary Bessant said that President Trumps original intention was to bring precision manufacturing back to the United States with the help of Apples relocation of the industrial chain. In this regard, some American experts said that moving Apple mobile phones back to the United States for production is "unrealistic like a fairy tale", and Apple will pay a high cost, and the price of its products will also rise. Apple phones produced in the United States will be sold for US$3,500, or about RMB 25,100. Compared with spending huge sums of money to move production lines back to the United States, Apple hopes to increase its investment in the field of artificial intelligence.Bank of Canada Governor Macklem: The transmission effect of tariffs in price data has not yet been observed.Bank of Canada Governor Macklem: The top priority is to reach a trade agreement with the United States.On May 24, Russian Ambassador to the UK Andrei Kelin said in an interview with the Russian Satellite News Agency that British society is increasingly tired of the Ukrainian conflict and British citizens do not want their country to accept Ukrainian refugees. In response to the question of whether British society is tired of the Ukrainian issue, Kelin said: "British society is tired of the Ukrainian issue, although it is not in the majority. If a year ago we were still talking about 80% of British people supporting their governments actions in Ukraine, now this proportion is seriously declining. I dont want to reveal specific numbers because they fluctuate frequently, but the trend is obvious. This is a decline in public support. More and more people are talking about the British people being tired of Ukrainian refugees and not wanting to take them in anymore."Russian Ministry of Defense: Russian troops occupied Stopchi and Otradny in eastern Ukraine.

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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