MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

WTI TECHS: (V4) Southbound

WTI TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $83.45 - High Apr 12 and a medium-term bull trigger
  • RES 3: $82.62 - High Jul 5 
  • RES 2: $80.82 - High Jul 18  
  • RES 1: $74.65/78.54 - 20-day EMA / High Aug 12 and key resistance     
  • PRICE: $69.95 @ 07:20 BST Sep 4
  • SUP 1: $69.72 - Intraday low   
  • SUP 2: $68.92 - Low Dec 13 2023
  • SUP 3: $66.66 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $65.30 - 1.50 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures maintain a softer tone. The contract traded sharply lower Tuesday, resulting in a break of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $68.92, the Dec 13 ‘23 low. Moving average studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $74.65, the 20-day EMA.

166 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • RES 4: $83.45 - High Apr 12 and a medium-term bull trigger
  • RES 3: $82.62 - High Jul 5 
  • RES 2: $80.82 - High Jul 18  
  • RES 1: $74.65/78.54 - 20-day EMA / High Aug 12 and key resistance     
  • PRICE: $69.95 @ 07:20 BST Sep 4
  • SUP 1: $69.72 - Intraday low   
  • SUP 2: $68.92 - Low Dec 13 2023
  • SUP 3: $66.66 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $65.30 - 1.50 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures maintain a softer tone. The contract traded sharply lower Tuesday, resulting in a break of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $68.92, the Dec 13 ‘23 low. Moving average studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $74.65, the 20-day EMA.