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On Wednesday, May 6, the Hang Seng Index opened 131.04 points higher, or 0.51%, at 26,029.65; the Hang Seng Tech Index opened 42.01 points higher, or 0.85%, at 4,971.69; the H-share Index opened 55.51 points higher, or 0.64%, at 8,786.0; and the Red Chip Index opened 4.95 points higher, or 0.11%, at 4,411.37.Hang Seng Index futures opened 0.51% higher at 25,934 points, a premium of 40 points.May 6th - According to the Shenzhen Municipal Bureau of Culture, Radio, Television, Tourism and Sports, the city received 7.3336 million tourists on May 5th, a year-on-year increase of 5.3%; tourism revenue reached 5.629 billion yuan, a year-on-year increase of 3.6%. During the May Day holiday, Shenzhens attractiveness as a core inbound transportation hub in the Greater Bay Area continued to be amplified. Data from Ctrip shows that Shenzhen ranked fourth among the "Top 10 Popular Inbound Cities for May Day," following only Shanghai, Beijing, and Guangzhou. A report from Tongcheng Travel points out that, relying on convenient transportation and diverse cultural and tourism resources, Shenzhens position as a core inbound transportation hub has become more prominent, with a significant increase in the number of overseas tourists transiting through Hong Kong to Shenzhen.Xiaomi Auto announced that the new generation SU7 has received more than 80,000 orders in just 48 days since its launch.Futures News, May 6th: Crude oil prices fluctuated, but the range narrowed slightly compared to before the holiday. Fuel oil cost support was limited, and market participants adopted a wait-and-see attitude. Market restocking demand remained strong, resulting in a lukewarm trading pace. Fuel oil negotiations are expected to remain stable with a narrow range today.

WTI Price Analysis: Divergence in Action, More Downside Below $92

Alina Haynes

Aug 26, 2022 15:04

 截屏2022-06-07 下午5.19.11.png

 

West Texas Intermediate (WTI) futures on NYMEX posted a three-day low of $92.16 in the Asian session. The asset has risen since Friday's opening bell, but bearish pressure remains strong after a juggernaut rally.

 

The recent rally has peaked, and a correction is underway. On an hourly basis, the asset made higher highs with a fall in purchasing interest, although RSI (14) formed lower highs. This reduces upside momentum since investors view the asset as costly.

 

A bear cross at $93.73 between the 20- and 50-period EMAs suggests a sharp correction.

 

Should the asset drop below $92.00, bears will strengthen and take it to August 22's high of $90.98, then August 17's high of $88.65.

 

If the asset surpasses $95.10, bulls could regain control. A repeat will push the asset to July 26's high of $98.4 and psychological resistance at $100.00.

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