MNI China Daily Summary: Monday, July 29

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

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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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(U1) Key Support Appears Exposed

BRENT TECHS
  • RES 4: $78.03 - High Oct 29, 2018 (cont)
  • RES 3: $77.86 - 1.382 proj of Mar 23 - May 18 - May 21 price swing
  • RES 2: $77.84 - High Jul 6 and the bull trigger
  • RES 1: $74.59/76.72 - High Jul 15 / High Jul 14
  • PRICE: $73.04 @ 07:04 BST Jul 19
  • SUP 1: $72.11 - Low Jul 8 and key near-term support
  • SUP 2: $71.89 - 50-day EMA
  • SUP 3: $71.24 - Low Jun 17
  • SUP 4: $69.42 - High May 18

Brent futures remain above the Jul 8 low of $72.11. The pullback from last week's highs has exposed key near-term support at $72.11, Jul 8 low. A breach of this support would signal a short-term top. Note that the 50-day EMA intersects at $71.89. A clear break of the EMA would also reinforce a bearish condition and signal scope for a deeper corrective pullback. On the upside, $76.72, Jul 14 high marks the first key resistance.

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