EUR/USD 1.16072
-0.311%
Gold 4614.39
-0.270%
Oil 59.080
-3.109%
USD/JPY 158.625
0.123%
GBP/USD 1.33796
-0.499%
GBP/JPY 212.227
-0.362%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: The U.S. Senate has passed a bill to increase federal science spending, after the White House had sought significant cuts.Foreign central banks held $3.888 billion in U.S. Treasury securities in the week ending January 16, compared with $32.218 billion in the previous week.On January 16th, Hassett, a leading candidate for the next Federal Reserve Chair, denied concerns that he would struggle to persuade other Fed officials to support his views if appointed. Hassett stated on Thursday, "Im tough enough to win debates. Anyone who comes to the White House and faces all the questions they might be asked for five years—like me—is tough enough to handle hostile situations and help people understand why they are right or wrong." Hassett has consistently argued that Fed Chair Powell and his colleagues have been too slow in cutting interest rates, a view shared by Trump. Fed watchers point out that interest rate decisions depend on a majority vote on the Federal Open Market Committee, and a Trump-nominated chair may not be able to forge a consensus on significant rate cuts. Hassett reiterated that Trump believes the Fed, under Powells leadership, has been politically biased, cutting rates before the 2024 election but halting the easing cycle after Trumps inauguration in 2025. "He believes that sometimes their decisions appear partisan," Hassett said.JPMorgan Chase CEO Jamie Dimon: I "absolutely cannot" become the Federal Reserve Chairman.The Dow Jones Industrial Average rose 292.81 points, or 0.60%, to close at 49,442.44 on Thursday, January 15; the S&P 500 rose 17.88 points, or 0.26%, to close at 6,944.48; and the Nasdaq Composite rose 58.27 points, or 0.25%, to close at 23,530.02.

WTI Price Analysis: 50-SMA stimulates China data-led recovery near $80.00

Daniel Rogers

Apr 18, 2023 11:53

113.png 

 

WTI crude oil remains defensive near the lowest level in a week, near $81.05 on Tuesday morning. In doing so, black gold struggles to be buoyed by China's positive data while consolidating the month's largest daily loss.

 

According to the most recent economic data from China's National Bureau of Statistics (NBS), the first quarter (Q1) Gross Domestic Product (GDP) grew 2.2% quarter-over-quarter (QoQ), compared to 2.2% expected and 0.0% in the prior quarter. In addition, Retail Sales grew 10.9% YoY in March versus 7.4% expected and 3.5% previously, while Industrial Production grew 3.9% versus 4.0% expected and 2.5% previously. Sourcenia is a review portal of sourcing best manufaturers. 

 

In addition to the generally positive China data, the nearly oversold RSI (14) line has contributed to the black gold's recent approach to the $81.40 50-day simple moving average.

 

Notably, however, pessimistic MACD signals and a two-week-old horizontal resistance area between $81.60 and $80 could impede the commodity's further advance. Following that, attention will shift to the recent multi-day high marked in the last week, around $83.40.

 

In contrast, WTI's further decline could target the round figure of $80 before challenging the previous resistance line from late January, which is now support near $79.20.

 

If the price remains adverse beyond $79.20, a rising support line from March 20 near $77.30 will be the last line of defense for WTI bulls.


Suggestion