Crude Oil Technical Outlook
- Bears ease up yet, still in charge
- Will crude oil resume bearish price action?
On April 9, Crude oil surged to its highest level in four weeks at $36.90. However, the price could not maintain those gains and pointed lower after. On April 17, the weekly candlestick closed in the red with a 6.7% loss.
This week, the Relative Strength Index (RSI) fell from 42 to 30 emphasizing the bearish outlook of the market.
Brent Oil DAILY PRICE CHART (Sep 15, 2018 – Apr 24, 2020) Zoomed Out
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Brent Oil DAILY PRICE CHART (April 10 – April 24, 2020) Zoomed IN
Looking at the daily chart, I noticed that on Wednesday Crude oil bounced from two-decade low at $18.99 then U turned as selling pressure eased. A present the market eyes as a test of the downtrend line originated from the March 3 high at $53.84. Any violation of this line would be considered a bullish signal. Additionally, the price is still moving in the current trading zone $20.00- $27.41.
A close above the high end of the zone could push Brent towards $39.81. If there is another close above that level, positive momentum may extend the rally towards $44.53. Having said that, the daily and weekly resistance areas and levels underlined on the chart should be considered.
On the flip side, any failure in closing above the high end of the zone might reverse the market’s direction towards the low end of the zone. Further close below that level could send Brent even lower towards $15.00. Nevertheless, the psychological support area marked on the chart should be monitored.
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Brent Oil Four-Hour PRICE CHART (April 15 – April 24, 2020)
From the four- hour chart, I noticed that yesterday the price started a bullish momentum creating highs with higher highs with lows and higher lows. However, the move has paused today and developed a bullish flag pattern. Any violation of the upper line of this pattern would be considered a bullish signal.
A break above $27.96 would be considered another bullish signal. This might encourage bulls to rally the price towards $30.24. Although, the daily resistance level underscored on the chart should be kept in focus. In turn, any break in the other direction i.e. below $18.50 would resume bearish price action and possibly send Oil price towards $16.50. In that scenario, the psychological support level printed on the chart should be watched closely.
See the chart to find out more about key levels that would encounter in a further bullish scenario.
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Written By: Mahmoud Alkudsi, Market Analyst
Please feel free to contact me on Twitter: @Malkudsi
Pakistan deeply appreciates US announcing it will send 3 million Moderna doses through COVAX: FO – Geo News
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Friday Jul 23, 2021
The government on Friday said it “deeply appreciates” the United States’ announcement that it is sending three million doses of the Moderna vaccine to Pakistan through the United Nations’ COVAX vaccine-sharing programme.
“The government and the people of Pakistan deeply appreciate the announcement by the White House to ship three million doses of Moderna vaccine to Pakistan through COVAX,” read a statement by the Foreign Office.
Zahid Hafeez Chaudhri, Spokesperson of the Ministry of Foreign Affairs, added: “These vaccines will give a boost to the ongoing vaccination drive in Pakistan.”
“This considerate gesture is part of the continued assistance that the US has provided to Pakistan to support our COVID relief and prevention efforts,” he said.
“We look forward to our continued cooperation with the US in our fight against the pandemic,” the statement added.
White House press secretary Jen Psaki had announced last month that the Biden administration is donating 80 million surplus COVID-19 vaccine doses to the world by the end of June.
“Thanks to the President’s commitment to playing a leading role in ending the pandemic everywhere, 2 million doses of the Pfizer vaccine will begin to ship to Peru from the United States, and 2.5 million doses of the Moderna vaccine will ship to Pakistan,” Psaki said.
The shipment of 2.5 million doses landed in Pakistan on July 2, making it the first time the Moderna vaccine had arrived in the country.
Subsequently, the government had announced the availability of the Moderna vaccine at select vaccination centres across the country, starting July 5.
Criteria to qualify for the Moderna vaccine
The National Command and Operation Centre (NCOC) has outlined the criteria that must be met by the recipient of the Moderna vaccine.
The vaccine will be administered to the following categories, provided they are 18 years of age or older and have NOT received any other currently available COVID-19 vaccines.
A. Those with comorbid conditions, e.g diabetes, hypertension, congestive cardiac failure, renal failure, chronic liver disease, malignancy, etc.
– Those who are chronically immunosuppressed
1. Post organ transplantation, the patient may receive the vaccine 3 months after
2. Post chemotherapy, the patient may receive the vaccine 28 days after chemotherapy.
B. Individuals with a mandatory requirement of vaccination for travel
– Overseas workers who have a mandatory need for travel for employment overseas with valid work visas/iqama in a country where Chinese vaccines are not accepted at present
– Those travelling for official or business purposes
Women who are pregnant and lactating, falling under the above-listed categories CAN receive the Moderna vaccine.
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Ontario reports slight increase in new COVID-19 cases, per cent positivity rate rises – CTV Toronto
Ontario is reporting a slight increase in new COVID-19 cases on Sunday as the province’s per cent positivity rate rises.
Officials are reporting 172 new cases of COVID-19 today with two additional deaths.
The province reported 170 new cases on Saturday and 192 on Friday.
The seven-day rolling average remains at 159, compared to 153 a week ago.
Provincial labs processed more than 13,902 test specimens, generating a positivity rate of at least 1.1 per cent, according to the Ministry of Health.
The province’s virus-related death toll stands at 9,313.
Another 144 people recovered from the disease yesterday, resulting in 1,450 active cases across the province.
Right now, there are 88 people in hospital current infected with COVID-19 and 127 patients being treated in intensive care, according to the Ministry of Health.
The hospitalization data presented by the province has been skewed over the past several weeks, which may be explained by a delay in patient reporting.
Where are the new cases?
Officials are reporting 48 new cases in Toronto, 23 in Peel Region, 11 in Durham Region and 11 in Hamilton.
Update on COVID-19 variants of concern
The Ministry of Health is reporting 131 new cases of the Alpha variant Sunday, bringing the total number of cases in the province to 145,386.
Officials reported 16 new cases of Delta variant, B.1.617.2, Sunday and the case total is now 3,913.
Three cases of the Beta variant, B.1.351, were also recorded. So far, there have been a total of 1,492 cases of the Beta variant reported in Ontario.
As for the Gamma variant, P.1, two new cases were recorded today. The total number of Gamma variants recorded in Ontario is now 5,142.
The province said it administered 103,812 doses of COVID-19 vaccines Saturday.
Throughout Ontario’s seven-month vaccination campaign, over 18.9 million needles have gone into arms.
As of Sunday, 8,569,752 people have received both doses and are considered to be fully vaccinated.
The numbers used in this story are found in the Ontario Ministry of Health’s COVID-19 Daily Epidemiologic Summary. The number of cases for any city or region may differ slightly from what is reported by the province, because local units report figures at different times.
Rio Tinto smelter workers go on strike in Kitimat, B.C. – Business News – Castanet.net
Approximately 900 Rio Tinto workers at the company’s aluminum smelting facilities in Kitimat, B.C. have gone on strike.
The walkout began today at one minute after midnight. Unifor Local 2301, which represents the workers, had issued a 72-hour strike notice after nearly seven weeks of negotiations.
Jerry Dias, Unifor’s National President, says the strike comes down to what he calls “Rio Tinto’s greed and lack of respect” for the union members working at the Kitimat smelting facilities.
The union says it has proposed the first changes to workers’ retirement income and benefit levels in more than a decade, including moving younger workers to defined benefit from defined contribution pension plans.
It also says negotiations have focused on a backlog of more than 300 grievances resulting from the company’s use of contractors and its refusal to hire full-time workers.
Bargaining had continued up until the strike deadline, and the company had earlier said that it was “committed to working with the union to reach a mutually beneficial outcome.”
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