MNI China Daily Summary: Wednesday, July 10

MNI BRIEF: China To Investigate EU Trade Actions

MNI BRIEF: China June CPI Hits Three Month Low

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

MNI: US MBA: MARKET COMPOSITE -0.2% SA THRU JUL 05 WK

US MBA: REFIS -2% SA; PURCH INDEX +1% SA THRU JULY 5 WK

Indeed Wages Tick Higher, But Future Revisions Are Likely

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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ICE GASOIL (X20): Support Remains Intact

OIL TECHS
  • RES 4: $365.80 - 61.8% retracement of the Aug - Oct decline
  • RES 3: $363.75 - High Sep 3
  • RES 2: $355.63 - 50.0% retracement of the Aug - Oct decline
  • RES 1: $353.00 - High Oct 9 and the bull trigger
  • PRICE: $338.25 @ 07:09 BST Oct 21
  • SUP 1: $331.25 - Low Oct 6 and key near-term support
  • SUP 2: $312.50 - Low Oct 2 and the bear trigger
  • SUP 3: $306.31 - 76.4% retracement of the Apr - Aug rally
  • SUP 4: $300.00 - Psychological round number

Gasoil futures are lower. Despite this, the underlying outlook remains bullish. This follows the confirmed reversal on Aug 5. Price action on this day was a bullish engulfing candle line and the rally that followed reinforces the shift in sentiment. Scope exists for a climb to $355.63 next, a Fibonacci retracement. On the downside, initial firm support has been defined at $331.25, Oct 6 low. A break would signal scope for a deeper intraday pullback.

Energy BulletsCommodities
Energy BulletsCommodities

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