MNI China Daily Summary: Wednesday, April 17

MNI BRIEF: China To Quicken Project Construction - NDRC

MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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

US EIA: CRUDE OIL STOCKS EX SPR +2.74M TO 460.0M APR 12 WK

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES -8.8B CAD IN FEB

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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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(Z2) Pierces The 20-Day EMA

BRENT TECHS
  • RES 4: $104.62 - High Jul 5
  • RES 3: $101.88 - High Jul 29 and key resistance
  • RES 2: 95.54 - High Sep 5
  • RES 1: $92.40 - High Oct 4
  • PRICE: $91.70 @ 07:04 BST Oct 5
  • SUP 1: $85.00/82.44 - Low Sep 30 / Low Sep 26 and the bear trigger
  • SUP 2: $81.97 - 1.618 proj of the Jul 29 - Aug 5 - 30 price swing
  • SUP 3: $80.22 - 1.764 proj of the Jul 29 - Aug 17 - 30 price swing
  • SUP 4: $78.52 - Low Jan 24

Brent futures traded higher yesterday. This week's gains have resulted in a break of the 20-day EMA. The 50-day EMA, at $92.09, has been pierced. A clear break would strengthen short-term bullish conditions and highlight a stronger reversal. This would open $95.54, the Sep 5 high. Initial firm support to watch lies at $85.00, the Sep 30 low. A break would expose the bear trigger at $82.44, the Sep 26 low.

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