MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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BRENT TECHS: (U4) 50-Day EMA, Fib Support Cracks

BRENT TECHS
  • RES 4: $91.99 - 2.236 proj of the Jan 8 - 29 - Feb 5 price swing 
  • RES 3: $90.23 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $89.32 - High Apr 12 and the bull trigger
  • RES 1: $87.95 - High Jul 5    
  • PRICE: $81.14 @ 08:07 BST Jul 25
  • SUP 1: $80.51 - Low Jul 23
  • SUP 2: $79.32 - 76.4% retracement of the Jun 4 - Jul 5 bull leg  
  • SUP 3: $76.66 - Low Jun 4 and a key support
  • SUP 4: $75.31 - Low Feb 5 

The trend condition in Brent futures remains bullish, however, a corrective cycle is in play and the contract has pierced both the the 50-day EMA and the 50% retracement for the Jun 4 - Jul 5 bull leg to print a pullback low at $81.51. Should prices stabilise ahead, a continuation higher would refocus attention on key short-term resistance at $87.95, the Jul 5 high. $79.32 is next key support.

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