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On September 20, Egyptian President Abdel Fattah al-Sisi met with visiting CIA Director John Ratcliffe and expressed his support for resolving regional hotspots such as Iran and Palestine through political means. According to a statement released by the Egyptian presidential palace that day, Sisi stated during the meeting that Egypt fully supports efforts aimed at reaching a comprehensive agreement to resolve the Iranian crisis, in order to promote the restoration of regional security and stability and guarantee freedom of international navigation. He emphasized that regional crises should be resolved through political and diplomatic means.On September 20th, the Ministry of Culture and Tourism issued the "15th Five-Year Plan for the Construction of the Public Cultural Service System." The plan proposes that by 2030, the level of balanced development of public cultural services will be continuously improved, the integrated construction of urban and rural public cultural service systems will be fully promoted, and the regional collaborative development mechanism will be more sound. The supply mechanism of public cultural services will be further improved, and an open, diversified, and collaborative supply pattern will be basically formed. The digitalization of public culture will reach a new level, and digital resources will be richer. Significant progress will be made in the reform of the public cultural service system and mechanism, and the vitality of innovation and creativity in public culture will be significantly enhanced. The plan comprehensively deploys five key tasks: promoting the quality and efficiency of public cultural services through reform, continuously promoting the construction of modern public libraries, promoting the prosperity and development of mass culture, promoting the balanced development of public cultural services, and improving the digitalization level of public cultural services. At the same time, it lists 18 key projects based on actual conditions to ensure that the direction is clear, the long-term goals are well-defined, and the implementation is grounded in reality.On September 20, two attacks occurred in the West Bank, resulting in the death of one Israeli and one Palestinian by Israeli forces. The Israel Defense Forces (IDF) issued a statement saying that a Palestinian man attempted to ram Israeli soldiers with his car in the Ghanim area near Jenin in the northern West Bank and was shot dead by Israeli forces. Separately, according to the IDF and Israeli emergency services, a shooting occurred near the Nevechuff settlement northwest of Ramallah. A gunman opened fire from a car on Israelis near a spring, seriously injuring one Israeli man before fleeing the scene. Israeli media, citing medical personnel, reported that the seriously injured man had died.On September 20th, the Party Leadership Group of the Ministry of Agriculture and Rural Affairs held a meeting. The meeting emphasized that cultivating and strengthening the agricultural machinery equipment industry is a key support for agricultural modernization. It stressed adhering to the development direction of intelligence, greening, and integration, focusing on addressing prominent shortcomings such as high-end intelligent machinery and machinery suitable for hilly and mountainous areas. The meeting called for concentrating superior resources and efforts to overcome key challenges in a number of landmark complete machines and key common technologies, accelerating pilot-scale testing and mature application, so that more areas of agricultural production can have "organic produce available and good machinery available." The meeting also emphasized vigorously promoting "artificial intelligence + agriculture," expanding application scenarios for drones, the Internet of Things, and other technologies, so that new productive forces can better empower the development of modern agriculture.On September 20th, US President Trump stated on social media: "At the strong request of the US military and for national security purposes, I have agreed to transform the magnificent Arc de Triomphe—planned for many years since the Civil War—located in Reception Plaza next to the Arlington Memorial Bridge, into a top-tier military complex/Arch de Triomphe—capable of housing, storing, and rapidly deploying large numbers of drones, while also deploying snipers on the rooftops and plaza area, and additionally storing and maintaining a large quantity of sniper ammunition. There is no similar facility anywhere else in the world. Of the 59 top cities and capitals in the world, Washington, D.C., is the only city without an Arc de Triomphe, but now it will have one, and it will be the greatest ever!"

WTI Price Analysis: Rebounds from 50% Fibo./100-period SMA support confluence

Alina Haynes

Oct 17, 2022 14:46

截屏2022-10-17 下午2.39.40.png 

 

The price of WTI crude oil regains some positive momentum on the opening day of a new week and maintains its position above the $85.00 threshold heading into the European session.

 

From a technical standpoint, the commodity defends the $84.50-$84.25 confluence combining the 4-hour 100-period SMA and the 50% Fibonacci retracement level of the $76.08-$92.63 advance. The aforementioned region should now serve as a crucial turning point, which, if decisively broken, will pave the way for a continuation of the recent rapid drop from the highest level since August reached last week.

 

In the interim, any future advance is likely to encounter resistance between $85.70-$85.75. This is closely followed by the $86.00 mark and the 38.2% Fibonacci level in the $86.30 region, over which current prices might reach $87.00. The momentum may extend into the $87.45 barrier en route to the $88.00 mark and the 23.6% Fibonacci level, in the $88.55-$88.60 supply zone.

 

In contrast, weakening below the $85.00 round number may continue to find support near the intersection of $84.50 and $84.25. A convincing break below will serve as a new catalyst for pessimistic traders and pave the way for further declines. The price of WTI crude oil might possibly decline below $84,00 and test the next key support between $83.40-$83.35 before falling to the $83.00 level.