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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

WTI Price Analysis: On track for $72.50 despite recent recovery

Daniel Rogers

Feb 23, 2023 14:50

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During the early hours of Thursday, WTI crude oil gains bids to retest its intraday high near $74.40. In doing so, the black metal posts its first daily gains in three days while rebounding from a two-week low.

 

Despite this, the energy benchmark remains on the bears' radar as it flirts with two-week-old prior support near $74.45-50.

 

The bearish MACD signals and the sustained trading below the 50-DMA, which is currently around the $78.00 round figure, also support the bearish Oil price outlook.

 

Even if the WTI surpasses the $78.00 barrier, a downward-sloping resistance line from early November 2022, near $78.50 at the time of publication, could serve as the Oil sellers' last line of defense.

 

It is worth noting that multiple peaks marked in late January around $82.50-$70 and the high of last December of $83.30 could also challenge the WTI bulls.

 

In the meantime, the commodity's new decline may target the horizontal area containing multiple lows marked since the beginning of January, between $72.65 and $50.

 

Nonetheless, the late 2022 lows of $70.30 and the $70.00 round number could join the nearly oversold RSI (14) conditions to challenge the Oil skeptics in the future.

 

WTI remains on the bears' radar until it surpasses the $83.30 barrier on a daily closing basis.