EUR/USD 1.15248
-0.732%
Gold 4318.68
-3.497%
Oil 88.549
-2.697%
USD/JPY 160.177
0.098%
GBP/USD 1.33372
-0.643%
GBP/JPY 213.636
-0.547%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Russian Presidential Aide Ushakov: Moscow maintains close contact with Kyiv.On June 7th, Christodoros Pazalides, a member of the European Central Banks Governing Council and Governor of the Central Bank of Cyprus, stated that it is time for Europe to abandon its long-standing political resistance to joint debt issuance, as large-scale "safe assets" would help enhance the EUs sovereignty and stability. Europe has long discussed creating a benchmark financial instrument through joint borrowing to challenge the status of US Treasury bonds, but some countries, particularly Germany and the Netherlands, have opposed it, fearing that their taxpayers would ultimately foot the bill for the fiscal irresponsibility of other countries. This lack of common safe assets has left the EUs financial architecture incomplete, leading to higher borrowing costs and reduced competitiveness, thus prompting the ECB to increasingly push for this policy shift. In a commentary, Pazalides stated, "The current economic, geopolitical, and institutional conditions are unusually synchronized, providing a strong justification for issuing European common safe assets." He also pointed out that such instruments could not only reduce financing costs but also provide the necessary funding for joint projects in areas such as green and digital transformation, artificial intelligence projects, defense, public health preparedness, and energy security.Ukrainian President Zelensky: Russias deliberate attack on nuclear fuel storage facilities was an "extremely despicable" attack.June 7 – Armenia held its National Assembly (parliamentary) elections on June 7, with voters casting their ballots for at least 101 members of parliament from candidates representing 18 political parties and coalitions. A total of 2,005 polling stations were set up, with over 2.48 million registered voters. Voting took place from 8:00 AM to 8:00 PM local time on June 7. The Armenian Central Election Commission will release preliminary vote counts within 24 hours of the polls closing, with final results announced one week later. The parliament elected in this election will elect a new prime minister.According to Saudi media outlet Alhadath, a senior diplomatic source revealed that Pakistans Interior Minister conveyed to Iran the message that the United States had agreed to ease sanctions.

WTI Price Analysis: Reverses from three-week high towards previous resistance encompassing $78.50

Daniel Rogers

Mar 06, 2023 14:31

 23.png

 

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.


Suggestion