EUR/USD 1.02456
-0.519%
Gold 2696.32
0.970%
Oil 75.538
2.473%
USD/JPY 157.674
-0.281%
GBP/USD 1.22252
-0.661%
GBP/JPY 192.762
-0.931%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. Wells Fargo: The Fed is increasingly unlikely to cut rates in March. 2. Citigroup: The Fed is expected to make its next rate cut in May, compared with January. 3. JPMorgan Chase: Given the latest (strong) non-farm payrolls data, the Fed is expected to make its next rate cut in June, compared with March. 4. Bank of America: The rate cut cycle may be over; the basic assumption is that the Fed will keep rates unchanged for a long time, but the risk of the next move is inclined to a rate hike. 5. Goldman Sachs: Reduced the Feds rate cut this year from 75 basis points to 50 basis points; the Fed is expected to cut by 25 basis points in June and December respectively. 6. Morgan Stanley: The non-farm report should reduce the likelihood of a near-term Fed rate cut; due to a more favorable inflation outlook, a rate cut in March is still likely.According to AFP: Brazil gave Meta Platforms (META.O) 72 hours to explain its new fact-checking policy.Natural Gas of Spain: In December, liquefied natural gas accounted for 53.5% of Spains natural gas imports, and natural gas imported through pipelines accounted for 46.7%.On January 11, Donald Rissmiller, chief economist at New York research firm Strategas Research, said that the stronger-than-expected non-farm payrolls in December put a solid end to 2024, but this did not significantly change the trajectory of the US economy. Rissmiller said that growth in all industries except manufacturing should give the Federal Reserve time to cut interest rates because the cooling of the economy seems to be quite gradual. But the report also shows that one month of strong performance does not change the overall situation. The length of time workers are unemployed continues to increase, suggesting that the job market is not as tight as before.January 11th, following the shocking non-farm payrolls data in December last year, investors are now turning their attention to the December CPI data scheduled for release next Wednesday. Bank of America analysts Sarah House and Aubrey Woessner expect overall inflation to reach a five-month high of 2.9% in December, higher than 2.7% in November. They said in a report that the core CPI growth rate is expected to remain at 3.3% for the fourth consecutive month. They believe that inflation "will stagnate this year as anti-inflationary benefits from improved supply chains and falling commodity prices have faded, while new headwinds may emerge from trade policy."

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

Daniel Rogers

Oct 18, 2022 11:41

 183.png

 

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.


Suggestion