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March 11 – Due to persistent inflationary pressures, two major Australian banks expect the Reserve Bank of Australia (RBA) to raise interest rates for the second consecutive week. National Australia Bank (NAB) and Westpac predicted on Wednesday that the RBA will raise rates by 25 basis points to 4.1% next week, in line with expectations from UBS and Deutsche Bank. NAB Chief Economist Sally Auld stated, “Given Australia’s relatively unfavorable inflation starting point and recent data confirming that the economy is running well above trend growth, the rationale for a rate hike in the near term is clear.” Westpac Chief Economist Luci Ellis said that the RBA’s belief that demand continues to exceed economic capacity and its willingness to address surging overall inflation to prevent a sustained rise in price expectations prompted her to change her forecast. Ellis stated, “There could be disagreements at next week’s meeting. Market participants should consider the possibility that the RBA might choose to wait until May to raise rates, but this is no longer our base case scenario.”March 11 (Kyodo News) – Japanese Economy, Trade and Industry Minister Ryosuke Akazawa stated on Wednesday during a parliamentary committee meeting, in response to questions from lawmakers, that the Japanese government has not ruled out the possibility of releasing national oil reserves "on its own initiative," rather than as part of a coordinated action. He added, "We will take all possible measures to ensure a stable energy supply." As of the end of December, Japans total oil reserves were sufficient to meet domestic consumption needs for 254 days, of which 146 days worth were held by the government, 101 days worth were held by the private sector, and the remainder were stored jointly with oil-producing countries.Market news: The Saudi Foreign Minister spoke with the US Secretary of State to discuss Irans regional aggression.Piper Jaffray: Lowered its target price for Oracle (ORCL.N) from $240 to $210.According to Israeli media reports, Iran launched two missiles at Israel.

WTI Price Analysis: Oil purchasers must sustain a break above $80.00 to maintain control

Daniel Rogers

Apr 04, 2023 13:39

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WTI crude oil prices remain stagnant near $80.30 as commodity traders search for fresh impetus to extend Tuesday's largest daily gain in 11 months. Thus, the price of black gold oscillates around a seven-week-old resistance line with an overbought RSI. (14).

 

WTI purchasers are challenged by not only the $81.00 trend line barrier and the overbought RSI (14) but also the waning bullish bias of the MACD and multiple peaks marked during January 2023 around $82.70.

 

In the event that the energy benchmark surpasses $82.70, the Oil bears' last line of defense could be a rise to a high near $83.30 in December 2022.

 

In contrast, pullbacks can target the $80.00 round number and the $79.00 swing low from late Monday.

 

However, a rising support line from March 24 and the 200-day simple moving average, respectively near $76.15 and $74.35, could pose a threat to Oil skeptics in the future.

 

Should WTI bears maintain control beyond $74.35, a two-week-long support line near $70.80 and the psychological threshold of $70.00 can entice Oil sellers.

 

Buyers of WTI crude oil appear to be running out of steam, but the bears have a considerable distance to travel before regaining control.

 

 


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