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December 21 – According to sources, another oil tanker has been seized by the United States in waters near Venezuela as President Trump intensifies his oil blockade against the government of Venezuelan President Maduro. The seized tanker, the "Bella 1," is a Panamanian-flagged vessel under U.S. sanctions and was en route to Venezuela to load cargo. This interception follows the seizure of the "Century" supertanker early Saturday morning and the seizure of the "Skipper" tanker on December 10. The White House did not immediately respond to a request for comment.On December 21, local time, the Israel Defense Forces (IDF) issued a statement saying that during operations in northern Gaza that day, several suspicious individuals were spotted gathering near the Yellow Line, the ceasefire line. IDF fired warning shots, but three armed men crossed the Yellow Line and approached IDF forces, posing a "direct threat." IDF airstrikes subsequently killed them. The statement also noted that in two other separate incidents in northern Gaza, IDF forces also discovered two armed men crossing the Yellow Line and approaching soldiers. IDF airstrikes subsequently killed them.On December 21, the French presidential palace stated that it would determine the "best way" for French President Macron to hold dialogue with Russian President Putin "in the coming days." The French presidential palace welcomed Russias statement that Putin was willing to engage in dialogue with Macron, and that France believed the aim of such dialogue was to achieve a "stable and lasting peace," and that the content would be "transparent" to Ukraine and Europe.December 21 - According to a report released by the Indonesian Meteorology, Climatology and Geophysics Agency, a 5.6-magnitude earthquake struck off the coast of North Maluku province, Indonesia, at 19:21 local time on December 21. The epicenter was located at 1.47 degrees north latitude and 126.34 degrees east longitude, with a focal depth of 27 kilometers.December 21 - On December 21, MiniMax, a general artificial intelligence company, published its post-hearing information set prospectus for the first time.

WTI Price Prediction: Looking to extend climb above $78.00

Alina Haynes

Jan 12, 2023 11:55

 截屏2023-01-11 下午4.11.22_1024x576.png

 

Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) are encountering resistance in a rally expanding above the $78.00 barrier in the early Asian session. As China exposed its economy to international travel, think tanks were compelled to revise their oil demand forecasts upwards. Previously, the price of black gold exhibited a solid northward movement after passing the significant resistance at approximately $77.00.

 

Meanwhile, the US Dollar Index (DXY) continues to demonstrate erratic behavior around 103.00 in advance of Thursday's release of United States Consumer Price Index (CPI) data.

 

On a four-hour period, the oil price is exhibiting a Symmetrical Triangle chart pattern, which is indicative of a decrease in volatility. The aforementioned chart pattern explodes, resulting in bigger ticks and strong volume. The upward-sloping trendline of the chart pattern is positioned around $70.27 from the low on December 9. The downward-sloping trendline is drawn from the high on December 1 of $83.30.

 

The 20-period and 50-period Exponential Moving Averages (EMAs) are about to produce a bull cross.

 

In the meantime, the Relative Strength Index (RSI) (14) has reached the positive zone of 60.00-80.00, which could lead to the activation of bullish momentum.

 

Typically, a perpendicular run-up is followed by a corrective move, therefore it will be preferable to position a long entry around the immediate support, which is the high from January 9 at $76.90. This will push the asset towards Wednesday's high of approximately $78.00, followed by January 3's peak of $81.56.

 

Alternativamente, a breach below the low of January 5 at $72.64 will push the oil price toward the low of December 9 at $70.27. After giving up the support at the December 9 low of $70.20, the asset would be vulnerable to more losses to approach the low of $69.32 on 14 December 2021.


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