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1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 1.24% to 49,910.59 points, the S&P 500 rose 1.46% to 7,365.12 points, and the Nasdaq Composite rose 2.02% to 25,838.94 points. The S&P 500 and Nasdaq continued to hit new highs. Disney rose over 7%, and Nvidia rose over 5%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 2.39%, with Google and Tesla rising over 2%. The Nasdaq China Golden Dragon Index rose 3.45%, with Baidu Group rising over 11% and Kingsoft Cloud rising over 8%. 2. All three major European stock indexes closed higher. The German DAX rose 2.12% to 24,918.69 points, the French CAC40 rose 2.94% to 8,299.42 points, and the UK FTSE 100 rose 2.15% to 10,438.66 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 7.02 basis points to 3.863%, the 3-year Treasury yield fell 7.66 basis points to 3.889%, the 5-year Treasury yield fell 8.06 basis points to 3.995%, the 10-year Treasury yield fell 7.62 basis points to 4.346%, and the 30-year Treasury yield fell 5.07 basis points to 4.935%. 4. Most London base metals rose, with LME tin up 9.27% to $54,330.0/ton, LME copper up 1.96% to $13,391.5/ton, LME zinc up 1.16% to $3,409.5/ton, LME lead up 0.03% to $1,973.0/ton, LME aluminum down 1.45% to $3,537.5/ton, and LME nickel down 2.25% to $19,200.0/ton. 5. The WTI crude oil futures contract closed down 5.93% at $96.21/barrel; the Brent crude oil futures contract fell 7.2% to $101.96/barrel. 6. International precious metals futures generally closed higher, with COMEX gold futures up 2.95% to $4,703.10/ounce and COMEX silver futures up 5.77% to $77.83/ounce.Market news: South Koreas Minister of Industry stated that investment plans related to the United States will be announced after June.On May 7, Iranian Parliament Speaker Mohammad Qassem Ghalibaf stated in a televised address to the nation on May 6 that the "enemy" is attempting to exert economic pressure through a naval blockade and manipulate public opinion, aiming to undermine national unity and force Iran to surrender. He urged all levels of Iranian officials and the public to work together to counter this. Ghalibaf added that Iran does not underestimate the possibility of military attacks, especially terrorist attacks, but that the "enemy" plans to weaken Iran from within.May 7 - According to a source familiar with the matter, the Trump administration is exploring the use of oil resources beneath U.S. military bases and other Department of Defense facilities to replenish the nations dwindling emergency reserves. The source stated that no decision has yet been made regarding this potential move. This action comes as the U.S. government pledges to explore innovative ways to replenish the strategic petroleum reserve, which has been further depleted during the war with Iran.May 7th - The US has been consistently signaling its intention to end the conflict with Iran. On May 6th, US President Trump repeatedly expressed optimism about reaching an agreement with Iran, stating that a possible agreement would include Iran shipping its highly enriched uranium to the US. In response, Iran stated that US media outlets have been publishing speculative reports and fake news in recent hours to cover up the failure of the US "Freedom Project," "attempting to distort the facts." Iranian Foreign Ministry spokesman Bagaei emphasized that Iran has not yet responded to Pakistan, the mediator, regarding the USs 14-point proposal.

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

Daniel Rogers

Oct 18, 2022 11:41

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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.


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