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On December 8th, Yimai Sunshine (02522.HK) issued an announcement on the Hong Kong Stock Exchange stating that its board of directors has noticed unusual fluctuations in the companys share price recently. After making reasonable inquiries, the board confirms that, as of the date of this announcement, it is not aware of any cause for the share price fluctuations, any information required to be disclosed to avoid a false market in the companys securities, or any inside information required to be disclosed under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). As of the date of this announcement, the board confirms that the Groups daily business operations are normal and stable, its core businesses are progressing smoothly, and it remains committed to its established development strategy in medical data and artificial intelligence. There are no material matters requiring disclosure that would concern the board and management.According to Japans Kyodo News, the number of bankruptcies among Japanese companies is expected to exceed 10,000 for the second consecutive year in 2025.December 8th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices stabilized and rose during the previous trading session, attempting to break through the key resistance level of $63.75. The price utilized dynamic support above the EMA50 and traded within a small ascending channel that had previously limited its short-term volatility. Furthermore, although prices have reached overbought levels, the Relative Strength Index (RSI) still shows a positive signal, increasing the likelihood of a breakout above this resistance level.According to TASS, military expert Andrei Marochko said that the Ukrainian armed forces intensified their offensive in the Krasniliman direction last week, but the Russian army still maintains the initiative on the battlefield.December 8th, Futures News: Economies.com analysts latest view: WTI crude oil futures closed higher in recent intraday trading and continue attempting to break through the key resistance level of $59.85. As crude oil prices have remained above the EMA50, they have received positive support, indicating that their upward trend has remained stable so far. This performance is supported by positive signals from the Relative Strength Index (RSI), while the short-term trend is dominated by small upward movements and is trading in sync with the support trendline, increasing the likelihood of a test of new resistance levels in the recent trading session.

The Dollar Index's Top-to-Bottom Reversal Indicates a Potential Momentum Shift

Drake Hampton

Apr 11, 2022 10:52

On Friday, the US Dollar fell versus a basket of foreign currencies after gaining more than 100 points for the first time in over two years. It reached a high of 100.20 during the session, its highest level since May 2020.

 

Despite the fact that it formed a potentially bearish closing price reversal top, it ended the week up 1.3 percent. Throughout the week, the dollar index was mostly supported by a rise in US Treasury yields and a weaker Euro.

 

The June US Dollar Index closed at 99.753 on Friday, down 0.007 or -0.01 percent. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $26.68, an increase of $0.01 or 0.02%.

 

On Friday, the US Treasury 10-year yield surpassed 2.7 percent for the first time in three years, aided by the likelihood of more aggressive Federal Reserve tightening. Additionally, this week's release of the Fed's March meeting minutes revealed that "many" members were prepared to raise rates in future months in 50-basis-point increments.

 

In other news, the Euro was under pressure as the election battle between President Emmanuel Macron and far-right contender Marine Le Pen tightened in France, the Euro Zone's second-largest economy. Macron continues to lead polls.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. However, Friday's closing price reversal top implies that momentum is about to move downward.

 

A move above 99.745 will confirm the price reversal top at the close. This could initiate a 2-3 day adjustment. A break of 100.200 will invalidate the chart pattern and suggest the resumed uptrend. The primary trend will revert to the downside upon a break of 97.730.

 

Minor values range from 97.730 to 100.200. The nearest support level is at its 50% level, or pivot, of 98.965.

 

The critical support level is the long-term Fibonacci retracement level around 98.200.

Scenario of the Bear

Persistent movement below 99.975 indicates the existence of sellers. Taking out 99.745 will confirm the price reversal top at the close. If this generates sufficient downside momentum, expect the selling to extend towards the minor pivot at 98.965.

Scenario of Bullishness

Sustaining a move over 99.975 indicates the presence of buyers. The initial objective on the upside is 100.200.

 

If 100.200 is breached, the closing price reversal top will be invalidated, signaling the resumption of the uptrend. If buying is sufficiently strong, we may see an acceleration to the upside, with the next big objective of 100.560 – 100.930.

 

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