EM ASIA CREDIT: Xiaomi (XIAOMI): EV target raised
"Xiaomi Lifts 2025 Delivery Outlook to Over 400,000 Vehicles" - BBG
Xiaomi has raised its 2025 EV delivery target to 400,000 vehicles, up from its previous target of 350,000 units. Neutral for spreads, the monthly updates already guiding us to higher numbers. The key focus going forward will be margin compression as volumes are ramped up in an increasingly competitive environment.
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BRENT TECHS: (Z5) Bearish Trend Structure
- RES 4: $76.82 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $75.43 - High Jun 23 and a bull trigger
- RES 2: $69.87/71.20 - High Sep 26 / High Jul 30 and key resistance
- RES 1: $65.35 - 50-day EMA
- PRICE: $61.18 @ 07:08 BST Oct 21
- SUP 1: $60.00 - Psychological round number
- SUP 2: $58.50 - Low May 5
- SUP 3: $57.88 - Low Apr 9 and a key support
- SUP 4: $55.91 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing
The trend structure in Brent futures remains bearish and last week’s extension reinforces current conditions . Furthermore, moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on the psychological $60.00 handle where a break would open $58.50, the May 5 low. Initial firm resistance is seen at $65.35, the 50-day EMA. Key resistance has been defined at $69.87, the Sep 26 high.
BTP TECHS: (Z5) Trend Set-Up Remains Bullish
- RES 4: 123.14 1.764 proj of the Sep 3 - 11 - 25 price swing
- RES 3: 122.81 1.618 proj of the Sep 3 - 11 - 25 price swing
- RES 2: 122.53 1.500 proj of the Sep 3 - 11 - 25 price swing
- RES 1: 122.00 Round number resistance
- PRICE: 121.57 @ Close Oct 20
- SUP 1: 120.74 High Aug 5 and a recent breakout level
- SUP 2: 120.59 20-day EMA
- SUP 3: 119.48 Low Oct 7
- SUP 4: 119.07 Low Sep 25t
BTP futures remain in a bull cycle and last week’s gains reinforce current conditions. The latest rally has resulted in a break of key resistance at 120.74, the Aug 5 high and a bull trigger. The breach also highlights a range breakout. Sights are on the 122.00 handle next. Initial firm support to watch is 120.74, the Aug 5 high. The contract is overbought, a pullback would allow this condition to unwind.
USDJPY TECHS: Hammer Candle Reversal Signal
- RES 4: 154.39 76.4% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 153.82 1.618 proj of the Sep 17 - 26 - Oct 1 price swing
- RES 2: 152.61/153.27 High Oct 14 / 10 and the bull trigger
- RES 1: 151.88 High Oct 15
- PRICE: 151.54 @ 07:12 BST Oct 21
- SUP 1: 149.38 Low Oct 17
- SUP 2: 148.94 50-day EMA
- SUP 3: 147.82 High Oct 3
- SUP 4: 147.14 Trendline support drawn from the Apr 22 low
The recovery from last Friday’s low in USDJPY is beginning to display a stronger bullish signal. The pair has found support below the 20-day EMA and note that Friday’s price pattern is a hammer candle formation. If correct, the pattern signals the end of a corrective pullback that started Oct 10, and highlights the fact that support at the 50-day EMA, at 148.94, remains intact. The bull trigger is at 153.27, the Oct 10 high. The 50-day EMA is key support.
