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MNI China Daily Summary: Friday, May 12
MNI BRIEF: Hong Kong Q1 GDP Up 2.7% Y/Y
(Z20): Major Support Cleared
- RES 4: $45.04 - High Sep 4
- RES 3: $44.30 - High Sep 18 and key near-term resistance
- RES 2: $43.03 - High Sep 28
- RES 1: $40.77 - Intraday high
- PRICE: $39.69 @ 09:29 BST Oct 2
- SUP 1: $38.91 - 0.764 proj of Aug 26 - Sep 8 low from Sep 18 high
- SUP 2: $38.59 - Low Jun 15
- SUP 3: $38.25 - Low Jun 12
- SUP 4: $37.69 - 50.0% retracement of the Apr - Aug rally
Brent futures have today cleared key support at $39.88, Sep 9 low. The break reinforces bearish conditions and also confirms a resumption of the downtrend that started late August. This paves the way for a move towards $38.25, Jun 12 low and $37.69, 50.0% of the Apr - Aug rally. Moving average studies are in a bear mode too, reinforcing the current bearish climate. Firm resistance is seen at $43.03, Sep 28 high.
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