The price of WTI crude oil futures has moved up to a new intraday high of $111.97 just below the natural resistance at $112. In the process, the price moved above the May 5 high at $111.37 (it moved above that level earlier today as well).. Stay above is more bullish.
Looking at the daily chart, the price today has also seen a further extension above a downward sloping trendline. That trend line was tested on Friday into the close (the price closed just above the line). That trendline cuts across at $110.10.
Moving further away from that line, is a more a bullish development technically. Stay above is more bullish. Move below and there could be some rotation back to the downside.
The move higher today comes despite much weaker growth from China in retail sales and industrial production as a result of the Covid slowdown.
IN other commodities, the price of wheat is up $0.70 a $12.47. India today restricted exports as a result of drought conditions in their country and fears of food supplies as a result. India has been helpful in providing relief from Ukraine/Russia supplies as a result of the the war.
Corn and Soybean prices are also higher and is helping to put a scare into the US stock market:
- Dow Jones is down 111 points or -0.35% at 32083
- S&P is down 25.9 points or -0.64% at 3998.26
- NASDAQ index is down 151 points or -1.28% at 11654.54
- Russell 2000 is down 9.52 points or -0.53% at 1783.15
