BRENT TECHS: (X5) Trend Outlook Still Bearish
- RES 4: $79.16 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $77.28 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $76.39 - High Jun 23 and a bull trigger
- RES 1: $69.06/71.93 - High Aug 4 / High Jul 30 and a key resistance
- PRICE: $67.70 @ 07:01 BST Aug 29
- SUP 1: $64.50 - Low Jun 30
- SUP 2: $60.82 - Low May 30
- SUP 3: $58.37 - Low May 5
- SUP 4: $57.81 - Low Apr 9 and a key support
Despite trading closer to their recent high, a bear cycle in Brent futures remains intact and short’-term gains appear corrective. Sights are on $64.50, the Jun 30 low, where a clear break would confirm a resumption of the bear leg and pave the way for an extension lower. This would open $60.82, the May 30 low. Key short-term resistance has been defined at $71.93, the Jul 30 high. Clearance of this level would cancel a bear theme.
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GILT TECHS: (U5) Trading Above Support
- RES 4: 93.00 Round number resistance
- RES 3: 92.74 61.8% retracement of the Jul 1 - 18 bear leg
- RES 2: 92.42 50.0% retracement of the Jul 1 - 18 bear leg
- RES 1: 91.82/92.15 20-day EMA / High Jul 22
- PRICE: 91.73 @ Close Jul 29
- SUP 1: 91.08 Low Jul 18 and the bear trigger
- SUP 2: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
- SUP 3: 90.59 Low May 29
- SUP 4: 90.46 Low May 23
Gilt futures continue to trade below their recent highs. A rally on Jul 22 resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42, the 50.0% retracement of the Jul 1 - 18 bear leg. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Clearance of this level would resume the bear cycle that started Jul 1.
MNI EXCLUSIVE: Latest China Money Market Index Survey Published
MNI publishes the latest China Money Market Index survey of the Chinese money markets -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.
MNI: MNI CHINA MONEY MKT INDEX JULY LQDTY OUTLOOK 46.8 VS JUNE 47.8
- MNI CHINA MONEY MKT INDEX JULY LQDTY OUTLOOK 46.8 VS JUNE 47.8
- MNI CHINA MMI CURRENT LQDTY CONDITIONS JULY 25.5 VS JUNE 23.9
- MNI CHINA MMI ECONOMIC CONDITIONS JULY 54.3 VS JUNE 57.6
