MNI China Daily Summary: Wednesday, April 17

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MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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(J3) Support Remains Exposed

WTI TECHS
  • RES 4: $86.05 - High Feb 14
  • RES 3: $85.00 - Round number resistance
  • RES 2: $82.89 - High Jan 23 and a key resistance
  • RES 1: $78.06/80.94 - High Mar 9 / 7 and key resistance
  • PRICE: $73.95 @ 07:02 GMT Mar 14
  • SUP 1: $72.30 - Low Mar 13
  • SUP 2: $70.86 - Low Dec 9 and the bear trigger
  • SUP 3: $70.00 - Psychological round number
  • SUP 4: $66.04 - Low Dec 20 2021 (cont)

A sharp sell-off in WTI futures last week has defined a key resistance at $80.94, Feb 7 high. A break of this hurdle is required to reinstate a bullish theme that would open $82.89, the Jan 23 high and a key resistance. The contract remains vulnerable and support at $72.64, Feb 6 low, has been pierced. A clear breach would strengthen a bearish threat and open $70.86, Dec 9 low and a bear trigger. Initial firm resistance is $78.06, the Mar 9 high.

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