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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NYMEX RBOB (X20): Recovers Off Recent Lows

OIL TECHS


  • RES 4: $1.3091 - 1.236 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 3: $1.2628 - 1.00 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 2: $1.2462 - High Aug 25 and the bull trigger
  • RES 1: $1.2042 - Oct 14 high
  • PRICE: $1.1815 @ 07:39 BST Oct 21
  • SUP 1: $1.1384 - Low Oct 15
  • SUP 2: $1.0958 - Low Oct 2
  • SUP 3: $1.0660 - Low Sep 11 and the bear trigger
  • SUP 4: $1.0501 - Low Jul 30

RBOB found support yesterday. For bulls, price needs to clear near-term resistance at 1.2042, Oct 14 high to ease any bearish concerns. This would refocus attention on the key resistance at $1.2462, Aug 25 high, where a break would strengthen a bullish case and confirm a resumption of the uptrend that started Apr 22. On the downside, weakness below $1.1384 would expose $1.0958, Oct 2 low.

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