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On April 25th, it was reported that on April 24th, 2026, the Peoples Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) held a system-wide warning education meeting and a meeting to promote the study and education on establishing and practicing a correct view of performance. Pan Gongsheng, Secretary of the Party Committee and Governor of the PBOC, delivered a speech and a Party lecture. Pan Gongsheng pointed out that it is necessary to promote the high-quality development of the central banks work. Based on the responsibilities of the PBOC, it is crucial to deeply analyze the performance-related issues behind economic and financial problems, strictly and practically implement the rectification measures following central inspections and audits, continuously address the "involutionary" competition among financial institutions, effectively coordinate the "five major tasks" in the financial sector, actively and steadily promote the resolution of local government financing platform debt and risks of small and medium-sized financial institutions, maintain a high-pressure crackdown on illegal financial activities in related fields, and continuously optimize the central banks management and services for county-level finance.On April 25th, in preparation for King Charles IIIs visit to the United States, the British flag was flown in Washington, D.C., but some residents noticed that many Australian flags were also displayed. A Washington, D.C. official stated that after discovering the error, they quickly replaced the incorrectly displayed Australian flags with British flags, but the cause of the error is still under investigation. A Buckingham Palace spokesperson announced on April 14th that King Charles III would begin a four-day visit to the United States on April 27th.On April 25th, the National Medical Products Administration (NMPA) released its 2026 plan for establishing cosmetic standards, proposing to formulate or revise 27 standards covering raw materials for hair dyes, cosmetic raw materials, and general technical requirements and testing methods for toothpaste, providing more precise technical support for cosmetic regulation in my country. According to the NMPAs Cosmetics Supervision Department, new cosmetic raw materials must be registered or filed before they can be used in my country.Li Auto (LI.O) executives: Europe and Southeast Asia are seen as the companys next export markets.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 10:19 a.m. on April 25 in Shawan City, Tacheng Prefecture, Xinjiang (43.52 degrees north latitude, 84.93 degrees east longitude), with a focal depth of 16 kilometers.

WTI Price Analysis: Reverses from three-week high towards previous resistance encompassing $78.50

Daniel Rogers

Mar 06, 2023 14:31

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WTI crude oil returns to the bear’s radar, after a four-day winning streak, as the energy benchmark takes a U-turn from a three-week high to record 0.70% intraday losses around $79.30 during early Monday.

 

In doing so, the black gold traces the RSI (14) as it reverses from the overbought territory. The Oil skeptics are challenged by the languid MACD signals, which suggest a lack of momentum.

 

Additionally assessing the commodity’s latest weakness could be a downward-sloping support line from January 27, previous resistance around $78.45.

 

Even if the WTI bears are able to overcome the resistance-turned-support near $78.45, the 200-day simple moving average (SMA) and a rising support line from late February near $78.10 and $77.70 could limit the price's further decline before persuading the sellers.

 

Meanwhile, recovery moves may initially target the psychological magnet at $80.00 before aiming for the five-week-long horizontal resistance zone encircling $80.65-70.

 

Following that, a horizontal resistance zone encompassing tops marked since January 18, close to $82.65-70, could challenge the WTI bulls before handing them control.

 

Overall, WTI crude oil is likely to decline further, but bears must remain cautious until a distinct break below $77.70 occurs.