ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent declined slightly yet still bullish
Despite the statement by Press Secretary Jen Psaki that President Biden will authorize the Department of Energy to release 30 million barrels from the U.S. Strategic Petroleum Reserve. Concerns related to the Russian invasion of Ukraine will lead to supply bottlenecks are still there after the negotiations between the two has delayed to a second round. Consequently, Brent oil continues to move upwards. Technically, as long as 106.00 support is not broken downwards, bullish moves are highly likely to continue and target 110.00 and 111.95 and 114.25 indicating Fibonacci 161.8 percent expansion line. On the other hand, 104.15 – 102.30 zone will be our support below.
