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January 14th - According to South Korean sources, in response to North Koreas demand for an apology from South Korea regarding the drone intrusion incident, South Korean Unification Minister Chung Dong-young stated on the 14th that a joint South Korean military and police investigation task force is conducting an investigation, and appropriate measures will be taken once the investigation results are released. Chung Dong-young also expressed his hope to restore inter-Korean communication channels that day. He said, "Exchanging information solely through long-distance conversations is unnatural and abnormal."January 14th - The State Council Information Office will hold a press conference at 3:00 PM on Thursday, January 15th, 2026. Zou Lan, spokesperson and vice governor of the Peoples Bank of China, and Li Bin, spokesperson and vice director of the State Administration of Foreign Exchange, will introduce the achievements of monetary and financial policies in supporting the high-quality development of the real economy and answer questions from reporters.ECB Governing Council member Kazak: Monetary policy has worked, but its getting a bit boring now.According to Futures News on January 14th, as of 15:00 Beijing time, spot platinum rose 2.54% and spot palladium rose 1.96%.January 14th - A growing number of options traders are ruling out a 2026 Federal Reserve rate cut and instead betting that the Fed will keep rates unchanged throughout the year. This trend can be traced back to at least last Friday, when US employment data showed an unexpected drop in the unemployment rate. Market pricing suggests this virtually eliminated the possibility of a Fed rate cut this month, prompting more traders to postpone their expectations for rate cuts in the coming months. David Robin, interest rate strategist at TJM Institutional Services, noted, "From a data perspective, the probability of the Fed keeping rates unchanged until at least March has increased, and the likelihood of stable rates increases with each meeting." Recent options flows for the covered overnight funding rate, which is closely linked to the Feds short-term benchmark rate, have sent a more hawkish signal. New options positions are primarily concentrated in March and June contracts to hedge against a continued delay in the Feds next rate cut. Other positions targeting longer-term contracts are expected to profit from the Feds stance of keeping rates unchanged throughout the year. Robin stated that regardless of whether the market believes the Fed will hold rates steady, these trades are low-cost, and as a prudent risk manager, you would want to hold these positions.

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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