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Hong Kong-listed tech stocks fluctuated and declined, with Bilibili (09626.HK), Baidu (09888.HK), Alibaba Health (00241.HK), and many others falling by more than 5%. NetEase-S (09999.HK), Alibaba (09988.HK), Tencent Holdings (00700.HK), and JD.com (09618.HK) also followed suit.Hong Kong-listed oil giants continued to weaken, with PetroChina (00857.HK) and CNOOC (00883.HK) both falling by more than 5%, and Sinopec (00386.HK) falling by more than 3%.The UKs January Nationwide House Price Index will be released in ten minutes.February 2nd - Commodity markets declined across the board on Monday, with gold, silver, crude oil, and industrial metals leading the losses. CBA commodity strategist Vivek Dhar stated, "The markets decision to sell precious metals alongside US stocks suggests that investors perceive Warsh as more hawkish. Furthermore, a stronger dollar has also put pressure on precious metals and other commodities, including crude oil and base metals." However, he maintains his forecast that gold prices will reach $6,000 in the fourth quarter. Asian stocks followed US stock futures sharply lower, and the chaotic sell-off in precious metals added tension to the start of a week packed with corporate earnings reports, central bank meetings, and economic data. Dhar stated, "The key question is whether this marks the beginning of a structural decline in commodity prices or is merely a correction. We believe this is a correction and buying opportunity, rather than a fundamental shift."The ChiNext index fell by more than 2%, with semiconductor and memory chip concepts weakening.

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

Daniel Rogers

Feb 23, 2023 14:50

 截屏2023-01-13 下午5.17.06.png

 

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.

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