ANALYSIS
NQ100 Finds Support from PPIApr 14
100 EMA is Followed in Brent Oil
The fact that the World Bank pointed out that the risk of global recession will increase next year in the environment where the central banks continue to increase interest rates simultaneously in response to the high inflationary environment created weight on brent oil prices. As a matter of fact, the expectations that the FED may raise interest rates by 75 basis points also have an effect here. In addition, the impact of coronavirus restrictions still continues in some important cities of China, which is the largest oil importer in the world. Under this view, 88.60 support can be closely monitored in brent oil, which is unlikely to relieve the pressure on it, as long as the 93.50 level indicated by the 100-period exponential moving average is defended as resistance, in permanent closures that can be reached below the psychological 90.00 level. It can work as a 97.00 – 98.45 resistance zone in the possible transition over 100 EMA.
