TURKEY: Turkish Airlines Says It Will Order as Many as 225 Aircraft From Boeing
- Boeing Co. landed one of its biggest deals this year, with Turkish Airlines agreeing to buy as many as 225 jets following a White House meeting between President Donald Trump and Turkey’s Recep Tayyip Erdogan, Bloomberg report. Turkey’s flagship carrier will purchase 50 787 Dreamliners, with options for 25 more, according to a stock exchange filing Friday. Deliveries are scheduled between 2029 and 2034. Talks with Boeing for 150 have also been completed, pending a final agreement.
- The agreement follows talks between Trump and Erdogan at the White House yesterday, which Trump described as “conclusive.” He also said he might consider bringing Turkey back into the joint program to produce and purchase Lockheed Martin Corp.’s F-35 fighter jets.
- Meanwhile, the DNO says it has been instructed to prepare for the start of oil exports through the Iraq-Turkey pipeline on September 27 following agreements between Iraq, the Kurdistan Regional Government and a group of international oil companies.
- No major economic releases are scheduled for today.
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Historical bullets
WTI TECHS: (V5) Still Looking For Weakness
- RES 4: $77.85 - 2.794 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $75.65 - 2.500 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $74.25 - High Jun 23 and a bull trigger
- RES 1: $66.56/69.36 - High AUg 4 / High Jul 30 and key resistance
- PRICE: $63.20 @ 07:22 BST Aug 27
- SUP 1: $61.29 - Low Aug 13
- SUP 2: $57.71 - Low May 30
- SUP 3: $54.80 - Low May 5
- SUP 4: $54.03 - Low Apr 9 and a key support
A bear cycle in WTI futures remains intact and the latest round of short-term gains appear corrective - for now. A key support at $61.99, the Jun 30 low, has recently been breached, strengthening a bearish theme. A continuation lower would open $57.71, the May 30 low. Key short-term resistance has been defined at $69.36, the Jul 30 high. Clearance of this level would cancel a bear theme. Initial resistance to watch is $66.56, the Aug 4 high.
GOLD TECHS: Medium-Term Bull Cycle Remains In Play
- RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 3: $3500.1 - High Apr 22 and bull trigger
- RES 2: $3451.3 - High Jun 16
- RES 1: $3409.2/3439.0 - High Aug 8 / 23
- PRICE: $3380.9 @ 07:30 BST Aug 27
- SUP 1: $3311.6/3268.2 - Low Aug 20 / Low Jul 30
- SUP 2: $3248.7 - Low Jun 30 and the bear trigger
- SUP 3: $3204.7 - Low May 20
- SUP 4: $3121.0 - Low May 15 and key support
Gold traded higher Tuesday. The medium-term trend condition remains bullish - MA studies are in a bull-mode position highlighting a dominant uptrend. The sideways direction that has been in place since the Apr peak appears to be a pause in the uptrend. A stronger resumption of gains would open $3439.0, the Aug 23 high. Key resistance and the bull trigger is at $3500.1, the Apr 22 low. First key support to watch is $3268.2, the Jul 30 low.
BRENT TECHS: (V5) Trend Outlook Remains Bearish
- RES 4: $81.07 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $79.86 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $77.73 - High Jun 23 and a bull trigger
- RES 1: $69.98/72.83 - High Aug 4 / High Jul 30 and a key resistance
- PRICE: $67.21 @ 07:15 BST Aug 27
- SUP 1: $65.01 - Low Aug 13
- SUP 2: $60.96 - Low May 30
- SUP 3: $58.18 - Low May 5
- SUP 4: $57.74 - Low Apr 9 and a key support
Despite the latest recovery - a correction - a bear cycle in Brent futures remains intact. Sights are on $65.01, the Aug 13 low, where a clear break would confirm a resumption of the bear leg and pave the way for an extension lower. A clear breach would open $60.96, the May 30 low. Key short-term resistance has been defined at $72.83, the Jul 30 high. Clearance of this level would cancel a bear theme.
