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On June 18, the Federal Reserve will hold a meeting to discuss plans to relax leverage ratio requirements for large banks, which is expected to kick off a broad plan to reconsider bank rules. The Federal Reserve announced that it will hold a board meeting on June 25 to discuss revising the so-called "supplementary leverage ratio," which requires banks to set aside capital for assets regardless of risk. This will be the first meeting held after Federal Reserve Governor Bowman was confirmed as the Feds top regulatory official. Relaxing leverage ratio requirements may be the first of several plans by the Federal Reserve to relax rules. Bowman has laid out an ambitious plan to reform the way the Federal Reserve regulates and supervises some of the largest and most complex banks in the United States. The Fed did not provide any details of the proposals it is considering, but banks have been asking for years to modify the supplementary leverage ratio, which could exempt traditionally safe assets or modify the formula used to calculate the leverage ratio. Banks say the supplementary leverage ratio could actually hinder their ability to enter the intermediate Treasury market during times of stress.According to Sky News Arabia, Irans Islamic Revolutionary Guard Corps announced that it will launch a new round of attacks on Israeli air bases.The Atlanta Feds GDPNow model expects U.S. GDP growth to be 3.5% in the second quarter, compared with the previous estimate of 3.8%.Sources said Black Sea CPC Blend exports in July will remain unchanged from June at 1.65 million bpd.The Israeli military said the missiles were fired from Iran towards Israel.

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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