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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: 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.


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