MNI China Daily Summary: Friday, July 5

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MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

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Retail Trade Broadly In-Line With Consensus

Weak manufacturing in France and Germany in May; energy production up

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(U1) Price Structure Remains Bullish

SCHATZ TECHS
  • RES 4: 112.290 High Feb 11 (cont)
  • RES 3: 112.280 High Feb 12 (cont)
  • RES 2: 112.250 High Mar 1 and 2 (cont)
  • RES 1: 112.215 High Jul 8
  • PRICE: 112.175 @ 05:21 BST Jul 13
  • SUP 1: 112.161 20-day EMA
  • SUP 2: 112.140 Low Jul 5 and 6
  • SUP 3: 112.120 Low Jun 30
  • SUP 4: 112.110 Congestion lows Apr 20, Jun 22, 23, 25 and 28

Schatz futures traded higher last week and the recent short-term recovery from the 112.110 congestion lows remains intact signalling scope for a continuation higher. Resistance at 112.210, Jun 11 high was probed last week, a clear break would strengthen a bullish case. On the downside, clearance of 112.110 is required to reinstate a bearish theme. Initial firm support is 112.140.

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