MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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(Q1) Attention Is On The 20-Day EMA

WTI TECHS
  • RES 4: $80.00 - Psychological round number
  • RES 3: $78.79 - 1.764 proj of Mar 23 - May 18 - May 21 price swing
  • RES 2: $77.35 - 1.618 proj of Mar 23 - May 18 - May 21 price swing
  • RES 1: $76.98 - High Jul 6
  • PRICE: $73.67 @ 07:08 BST Jul 7
  • SUP 1: $72.94 Low Jul 6
  • SUP 2: $72.17/69.54 - 20-day EMA / Low Jun 17 and key S/T support
  • SUP 3: $68.71 - 50-day EMA
  • SUP 4: $66.80 - High May 18

WTI crude futures faced strong selling pressure yesterday. The move lower has defined resistance at $76.98 and this represents a near-term bull trigger. The move lower has also exposed support at the 20-day EMA that intersects at $72.17. A breach of the average would open $71.97, Jun 29 low and an important short-term support. For bulls, a move above $76.98 would confirm a resumption of the underlying uptrend.

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