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Free AccessMNI China Daily Summary: Thursday, September 07
MNI Data Table: China Trade With Japan (Aug 2023)
MNI Data Table: China Trade With European Union (Aug 2023)
(H1) Underlying Uptrend Remains Intact
- RES 4: $56.52 - 1.236 proj of Apr - Aug rally from the Nov 2 low
- RES 3: $55.00 - Round number resistance
- RES 2: $54.50 - High Feb 20, 2020 and a key resistance (cont)
- RES 1: $53.94 - High Jan 13 and the bull trigger
- PRICE: $52.38 @ 06:54 GMT Jan 23
- SUP 1: $51.44 Low Jan 22
- SUP 2: $51.14/50.86 - 20-day EMA / Low Jan 8
- SUP 3: $49.52 - High Dec 18
- SUP 4: $47.31 - Low Jan 4
WTI futures outlook remains bullish. Recent gains reinforce this theme and maintain a bullish price sequence of higher highs and higher lows. A positive theme also follows the break on Jan 5 of $49.52, Dec 18 high. This confirmed a resumption of the uptrend. Scope is seen for a climb towards $54.50 next, Feb 20, 2020 high (cont). On the downside, initial support to watch lies at $51.44, Friday's low. A clear break would signal the start of a correction.
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