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August 27 - At the invitation of Zhao Leji, Chairman of the Standing Committee of the National Peoples Congress, Austrian National Council Speaker Rosenkrantz will lead a delegation to China from August 29 to September 4.On August 27th, the Shanghai Securities Regulatory Bureau, the Asset Management Association of China, and other relevant departments held a training course on private equity compliance and policy interpretation in Shanghai for 2026. The training covered topics including: interpretation of the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures and Fund Operations"; interpretation of the "Guiding Opinions of the General Office of the State Council on Strengthening Supervision, Preventing Risks, and Promoting High-Quality Development of Private Equity Investment Funds"; a brief analysis of illegal and irregular activities in the Shanghai jurisdiction and compliance requirements; common issues and warnings in self-regulatory inspections; key points of securities and futures arbitration rulings; and analysis of private equity fund cases.On August 27th, it was reported that in July 2026, power trading institutions nationwide completed 740.4 billion kWh of electricity transactions, a year-on-year increase of 18.5%. In terms of transaction scope, intra-provincial transactions totaled 549.1 billion kWh, a year-on-year increase of 19.0%; inter-provincial and inter-regional transactions totaled 191.3 billion kWh, a year-on-year increase of 17.2%. In terms of transaction types, medium- and long-term transactions totaled 678.6 billion kWh; spot transactions totaled 61.8 billion kWh. Green electricity transactions totaled 27.7 billion kWh, a year-on-year increase of 2.7%. Power grid companies purchased 87.2 billion kWh through market-based agency services.The main fuel oil futures contract rose by 2.00% intraday, currently trading at 3749.00 yuan/ton.Gold prices rose slightly on Thursday, August 27th, as concerns about currency devaluation persisted and market attention turned to Federal Reserve Chairman Warshs highly anticipated speech this week. Kelvin Wong, senior market analyst at OANDA, stated that the narrative of a depreciating dollar, coupled with concerns about the US budget deficit, continues to support gold in the medium term. The US Treasurys announcement of expanding its purchases of older, long-term bonds triggered dollar devaluation concerns, causing gold prices to rise by more than 5% last week. Wong added, "The market is waiting for Warshs speech to gain a clearer understanding of how the Fed will respond to the current economic situation. If he doesnt provide specific forward-looking monetary policy guidance, then the markets current pricing in interest rate hikes is likely to remain largely unchanged." Geopolitically, the Qatari Prime Minister will visit Tehran to resume diplomatic mediation. The US and Iran have previously exchanged accusations, with the focus of the dispute being Washingtons commitment to increase economic pressure on Tehran through sanctions against Irans trading partners.

WTI Price Analysis: Rebounds from critical support convergence near $84.50

Daniel Rogers

Oct 18, 2022 11:41

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During Tuesday's Asian session, WTI crude oil prices continue to recover from the $84.50 support, trading around $84.90 a barrel. In doing so, black gold reverses a four-week decline and bounces off the convergence of a 100-day simple moving average and a two-week-old falling trend line.

 

It should be noted, however, that the sluggish RSI and MACD pose a challenge to the WTI buyers as the price approaches the 200-SMA barrier, about $85.00 at the time of publication.

 

Even if the price of black gold surpasses the $95.00 SMA resistance, a convergence of the one-week-old falling trend line and the support-turned-resistance line from September 26 near $87.00 will be a significant obstacle for bulls.

 

If the price manages to hold above $87.00, the monthly peak of $92.63 might attract market interest.

 

Alternativamente, a breach to the downside of the $84.50 support might precipitously drop WTI crude oil prices toward the September 30 swing high near $82.50.

 

Following that, the early September low near $80.90 and the $80.00 level could provide support for oil bears prior to pointing them to the prior monthly low of $76.08.


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