ANALYSIS
NQ100 Finds Support from PPIApr 14
98.00 Will Be Decisive in Brent Oil
The US President Joe Biden's talks with leaders from France, Germany, and the UK on the day we left behind with the Petroleum Exporters Organization (OPEC) producer Iran on reviving the nuclear deal, which may lead to an increase in supply, is considered a downward factor in the pricing of brent oil. The pressure on Brent oil in China is maintained by expectations that some important factories will reduce production as a result of the worst heat wave in the past 60 years and that the FED will continue its aggressive tightening as a consequence of high inflation rates. As long as the 98.00 level indicated by the major trend is defended as a resistance, the 91.60 support can be followed by the market players if the downward movements are likely to continue in brent oil if it is permanently passed below the 93.95 level. In the crossing over the possible major trend, the psychological 100.00 resistance will come to the fore.
