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Germanys preliminary composite PMI for August was 50.9, in line with expectations of 50.2 and the previous value of 50.6.Germanys preliminary services PMI for August was 50.1, in line with expectations of 50.3 and the previous value of 50.6.Germanys preliminary manufacturing PMI for August was 49.9, in line with expectations of 48.8 and the previous value of 49.1.On August 21st, Ukrainian President Volodymyr Zelensky announced that he had discussed security guarantees with US President Trumps team and confirmed the US delegation for the talks. Zelensky stated that he hoped to finalize the security guarantee framework within seven to ten days, preferably before his meeting with Putin. Regarding possible locations for the Ukrainian-Russian summit, Zelensky stated that Ukraine believes a neutral European country, such as Switzerland or Austria, is the right choice, and Turkey is not ruled out. However, this is unacceptable to Moscow, and Budapest is currently unrealistic.On August 21, Jonas Feldhusen, an economist at Hamburger Commerzbank, reported that Frances composite PMI remained below the growth threshold in August, reaffirming the persistent economic weakness that has persisted this year. While the index showed a slight improvement from the previous month, no clear turning point has emerged. On a slightly positive note, the contraction in both the manufacturing and services sectors slowed, which can be cautiously viewed as an early sign of stabilization. The services sector reflects broader economic conditions. Business activity continues to lack momentum. Current order book conditions, particularly the significant deterioration in overseas demand in August, make any hopes for a short-term recovery very slim. Service providers remain cautious about the future. The manufacturing sector remains under significant pressure. Long-term challenges such as weakening international competitiveness and rising protectionism are creating a difficult environment. Global supply chains may still be adjusting to the new tariff system, which may contribute to the significantly longer delivery times. While the sharp decline in orders seen last month was not repeated in August, manufacturer sentiment showed little improvement.

WTI Price Prediction: Looking to extend climb above $78.00

Alina Haynes

Jan 12, 2023 11:55

 截屏2023-01-11 下午4.11.22_1024x576.png

 

Futures for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) are encountering resistance in a rally expanding above the $78.00 barrier in the early Asian session. As China exposed its economy to international travel, think tanks were compelled to revise their oil demand forecasts upwards. Previously, the price of black gold exhibited a solid northward movement after passing the significant resistance at approximately $77.00.

 

Meanwhile, the US Dollar Index (DXY) continues to demonstrate erratic behavior around 103.00 in advance of Thursday's release of United States Consumer Price Index (CPI) data.

 

On a four-hour period, the oil price is exhibiting a Symmetrical Triangle chart pattern, which is indicative of a decrease in volatility. The aforementioned chart pattern explodes, resulting in bigger ticks and strong volume. The upward-sloping trendline of the chart pattern is positioned around $70.27 from the low on December 9. The downward-sloping trendline is drawn from the high on December 1 of $83.30.

 

The 20-period and 50-period Exponential Moving Averages (EMAs) are about to produce a bull cross.

 

In the meantime, the Relative Strength Index (RSI) (14) has reached the positive zone of 60.00-80.00, which could lead to the activation of bullish momentum.

 

Typically, a perpendicular run-up is followed by a corrective move, therefore it will be preferable to position a long entry around the immediate support, which is the high from January 9 at $76.90. This will push the asset towards Wednesday's high of approximately $78.00, followed by January 3's peak of $81.56.

 

Alternativamente, a breach below the low of January 5 at $72.64 will push the oil price toward the low of December 9 at $70.27. After giving up the support at the December 9 low of $70.20, the asset would be vulnerable to more losses to approach the low of $69.32 on 14 December 2021.


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