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China Repo Rates Diverge On Monday


CNY Fixing Modestly Stronger

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(K1) Probes Resistance

  • RES 4: $71.38 - High Mar 5 and the key bull trigger
  • RES 3: $70.03 - High Mar 15
  • RES 2: $68.15 - High Mar 18
  • RES 1: $65.46 - High Mar 29
  • PRICE: $64.76 @ 06:46 Mar 30
  • SUP 1: $61.85 - Low Mar 26
  • SUP 2: $60.27 - Low Mar 23 and the bear trigger
  • SUP 3: $58.56 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 4: $57.09 - High Jan 13

Brent crude futures traded higher yesterday and price has probed resistance at $65.12, Mar 22 high. An extension higher would signal scope for a move towards $68.15, Mar 18 high and also highlight the potential end of the correction lower between Mar 8 - 23. On the downside, key short-term support lies at $60.27, Mar 23 low. A break of this level would resume the recent bearish pressure.

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