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July 4th news, on the morning of July 2nd, the National Energy Administration organized a mid-term work meeting for the pilot survey of wind power and photovoltaic power generation resources. Wan Jinsong, member of the Party Leadership Group, deputy director, and leader of the pilot survey work group of wind power and photovoltaic power generation resources of the National Energy Administration, attended the meeting and delivered a speech. The meeting called for accelerating the progress of the work, focusing on the application value of the results, and promoting the high-quality construction of the national new energy system with the results of the high-level survey pilot work. The meeting reviewed and approved the "Technical Guidelines for the Pilot Survey of Wind Power and Photovoltaic Power Generation Resources" and the "Notice on Doing a Good Job in the Management of Regional Wind and Solar Resource Observation Network Data".US President Trump: Possible meeting with Iranian (representatives).On July 4, the South Korean Joint Chiefs of Staff reported that the South Korean military controlled a North Korean person who crossed the military demarcation line on the evening of the 3rd. The South Korean Joint Chiefs of Staff stated that after the South Korean military found the relevant personnel in the area of the military demarcation line in the central and western parts of the country on the evening of the 3rd, they tracked and monitored them, carried out induced operations, and then controlled the relevant personnel. At present, the relevant departments are investigating them. The Joint Chiefs of Staff also stated that as of now, the North Korean army has no special movements.According to a Reuters poll: 31 of 37 economists believe the Reserve Bank of Australia will cut the cash rate to 3.60% on July 8, while six believe the rate will remain unchanged. The median forecast of economists shows that the Reserve Bank of Australia will cut the cash rate to 3.10% by the end of 2025 (down from 3.35% in the May survey).Japanese government officials: Japans household spending growth in May was the fastest year-on-year since August 2022, and the month-on-month growth rate was the highest since March 2021.

WTI Price Analysis: Bearish Doji investigates Oil purchasers in the vicinity of $78.5

Alina Haynes

Jan 13, 2023 14:54

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WTI crude oil fluctuates at $78.50 as energy bulls take a breather following four consecutive days of gains. Nonetheless, the black gold's recent weakness or inability to increase further may be attributable to a bearish candlestick pattern on the four-hour chart and an overbought RSI (14).

 

In spite of this, the Gravestone Doji candlestick above the weekly high entices WTI sellers to revisit the $77.00-$76.90 support zone, which includes repeated lows since December 20. Nonetheless, the 200-SMA level near $76.75 could impede the commodity's further decline.

 

In the event that the quote stays bearish beyond $76.75, various obstacles around $75.00 could test the oil bears before emphasizing a rising support line from December 09, close to $73.35 at the absolute latest.

 

Alternatively, WTI crude oil prices must surpass the immediate high of $79.35 to defy the bearish candlestick's downward bias.

 

However, a three-week-old horizontal zone encompassing $80.95-81.10 may pose a threat to oil purchasers in the future.

 

Notably, the WTI crude oil's rise above $81.10 will require confirmation from the monthly high at $81.55 in order to target the previous month's peak of $83.30.

 

In conclusion, WTI crude oil is expected to have a pullback, but the bears face a rough road before regaining control.