MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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(M3) Uptrend Remains Intact

BRENT TECHS
  • RES 4: $90.00 - Round number resistance
  • RES 3: $88.35 - High Jan 23 and a key resistance
  • RES 2: $87.87 - High Jan 27
  • RES 1: $86.44 - High Apr 3
  • PRICE: $85.79 @ 06:55 BST Apr 12
  • SUP 1: $82.57 - 23.6% retracement of the Mar 7 - Apr 3 uptrend
  • SUP 2: $79.95 - High Mar 31 and gap low on the daily chart
  • SUP 3: $78.25 - 50.0% retracement of the Mar 7 - Apr 3 uptrend
  • SUP 4: $76.32 - 61.8% retracement of the Mar 7 - Apr 3 uptrend

Brent futures remain firm following last week’s gains and print above resistance at $86.17, the Mar 7 high. The move higher confirmed an extension of the recent recovery that started from the Mar 20 low. A clear break of $86.17 would strengthen bullish conditions and signal scope for a climb towards $88.35, the Jan 23 high. A large gap exists on the daily chart - key support lies at $79.95, the Mar 31 high and the gap low.

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