MNI China Daily Summary: Wednesday, Sept 11

MNI BRIEF: Cautious Policy Adjustments Eyed - BOJ's Nakagawa

MNI: PBOC Net Injects CNY209.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1182 Weds; +2.35% Y/Y

CHINA PBOC CONDUCTS CNY210 BLN VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1182 WEDS VS 7.1136

MNI: UK JUL TRADE BALANCE GBP -7.51BN

MNI: UK JUL SERVICES INDEX +0.1% M/M, +0.6% 3MM

MNI: UK JUL CONSTRUCTION OUTPUT -0.4% MM, +1.2% 3M3M, -1.6% YY

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COMMODITIES: Tuesday's Sell-Off Reinforces Bearish Theme for WTI Futures

COMMODITIES
EM BulletCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. This also maintains the price sequence of lower lows and lower highs. A continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA. Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.

  • WTI Crude up $1.14 or +1.73% at $66.89
  • Natural Gas up $0.01 or +0.45% at $2.243
  • Gold spot up $8.39 or +0.33% at $2525.24
  • Copper up $4.5 or +1.1% at $414.4
  • Silver up $0.39 or +1.36% at $28.7943
  • Platinum down $1.18 or -0.13% at $942.09
174 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. This also maintains the price sequence of lower lows and lower highs. A continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA. Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.

  • WTI Crude up $1.14 or +1.73% at $66.89
  • Natural Gas up $0.01 or +0.45% at $2.243
  • Gold spot up $8.39 or +0.33% at $2525.24
  • Copper up $4.5 or +1.1% at $414.4
  • Silver up $0.39 or +1.36% at $28.7943
  • Platinum down $1.18 or -0.13% at $942.09