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April 22 - The Ministry of Finance will issue the second tranche of RMB treasury bonds for 2026 in the Hong Kong Special Administrative Region today, with an issuance scale of RMB 15.5 billion. Specific issuance arrangements will be announced on the Hong Kong Monetary Authoritys Central Debt Instrument Clearing System.Japans merchandise exports rose 11.7% year-on-year in March, in line with expectations, while the previous figure was revised from 4.20% to 4.00%.Japans merchandise imports rose 10.9% year-on-year in March, below the expected 7.1% and the previous figure revised from 10.20% to 10.30%.UN Secretary-General António Guterres, through his spokesperson, issued a statement welcoming the US announcement of an extension of the ceasefire, considering it an important step toward de-escalation and creating crucial space for diplomatic engagement and trust-building between Iran and the United States.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.59% to 49,149.38 points, the S&P 500 fell 0.63% to 7,064.01 points, and the Nasdaq Composite fell 0.59% to 24,259.96 points. Merck fell nearly 4%, and Honeywell International fell more than 3%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 0.82%, Apple fell more than 2%, and Tesla fell more than 1%. 2. All three major European stock indexes closed lower. The German DAX fell 0.6% to 24,270.87 points, the French CAC40 fell 1.14% to 8,235.72 points, and the UK FTSE 100 fell 1.05% to 10,498.09 points. 3. The U.S. crude oil futures contract rose 3.2% to $90.22 per barrel; the Brent crude oil futures contract rose 3.75% to $99.06 per barrel. 4. International precious metal futures generally closed lower, with COMEX gold futures down 1.87% to $4,738.50 per ounce and COMEX silver futures down 4.21% to $76.67 per ounce.

WTI Price Analysis: During a Wyckoff markdown phase, $73.00 is anticipated for WTI

Alina Haynes

Feb 03, 2023 15:24

 截屏2023-01-13 下午5.17.06.png

 

West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have refreshed their daily low at $75.80 in the early European session. The oil price is under pressure as western central banks have increased their interest rates in an effort to curb inflation. The asset is anticipated to test the Thursday low near $75.30.

 

After peaking at 101.55, the US Dollar Index (DXY) is displaying a mediocre performance and is awaiting the release of United States Nonfarm Payrolls (NFP) data for fresh impetus.

 

On a four-hour scale, the price of oil declined following a breakdown in Inventory Distribution. The distribution of inventory within a narrow band of $79.50-$82.67 shows a movement of inventory from institutional investors to retail participants. The asset is in Wyckoff's markdown phase after an inventory distribution breakdown and a flashback move to roughly $80.00.

 

At $78.65, the 50-period Exponential Moving Average (EMA) has behaved as a significant barrier for the oil price. The Relative Strength Index (14) oscillates within a negative band of 20.00-40.00, signaling further weakening.

 

After a steep loss, a pullback to near the 10-period EMA around $76.65 will be an ideal selling opportunity that will push the asset toward the bottom of February 2 at $75.15, followed by the horizontal support put at the low of January 5 at $70.00.

 

Alternativamente, a rebound move above the high of February 1 at $79.87 will propel the asset toward the low of January 23 at $81.19. A violation of this level would expose the asset to further gains reaching the January 18 high of $82.67.


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