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CHINA PBOC CONDUCTS CNY30.1 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1124 FRI VS 7.1299

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MNI: GERMANY AUG UE RATE (SA) 6.0% (FCST 6.0%); JUL 6.0%

UK: Week Ahead

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(H2) Trend Needle Still Points North

WTI TECHS
  • RES 4: $91.58 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $90.00 - Psychological round number
  • RES 2: $87.47 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $87.10 - High Jan 20 and the bull trigger
  • PRICE: $85.62 @ 07:09 GMT Jan 26
  • SUP 1: $81.90 - Low Jan 24
  • SUP 2: $80.83/77.34 - 20-day EMA / Low Jan 10
  • SUP 3: $77.30/74.01 - 50-day EMA / Low Jan 3
  • SUP 4: $72.22 - Low Dec 27

WTI futures remain in an uptrend and short-term pullbacks are considered corrective. The focus is on $87.10, Jan 20 high and the bull trigger. The recent break of key resistance at $80.72, Oct 26 high reinforced a bullish theme - the break higher confirmed a resumption of the broader uptrend. This signals scope for a climb to $87.47 next, a Fibonacci projection. Firm support to watch is at $80.83, the 20-day EMA.

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