MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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(U1) Vulnerable Following Sharp Sell-off

BRENT TECHS
  • RES 4: $76.72 - High Jul 14
  • RES 3: $74.59 - High Jul 15
  • RES 2: $73.34 - High Jul 19
  • RES 1: $70.54 - 50.0% of yesterday's range
  • PRICE: $68.83 @ 06:22 BST Jul 20
  • SUP 1: $67.43 - 76.4% retracement of the May 21 - Jul 6 rally
  • SUP 2: $66.11 - Low May 24
  • SUP 3: $64.22 - Low May 21
  • SUP 4: $63.09 - Low Apr 22

Brent futures faced strong selling pressure Monday. The contact has confirmed a top with momentum in a clear bearish cycle as the current corrective pullback extends. Price yesterday also confirmed a clear break of the 50-day EMA paving the way for further downside. The focus is on $67.43, a Fibonacci retracement where a break would open $66.11, the May 24 low. On the upside, initial resistance is at $70.54, 50% of yesterday's range.

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