ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Could Drop to 6-Month Low
The day we left behind, the PMI data compiled in cooperation with London-based global information provider IHS Markit and S&P Global revealed that the conditions of manufacturing activities in advanced economies lost significant momentum and also put pressure on energy demand. Technically, using the 200-period exponential moving average (200 EMA) as a strong resistance, brent confirms the downtrend, if it can break below the 95.75 support, it can continue its losses at 92.00, the lowest level since February 21. However, the commodity is unlikely to see a meaningful recovery path unless it permanently surpasses the 200 EMA, which marks 104.40 above 101.50.
