ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil at Pre-War Levels
In addition to the recession concerns in the global markets, the tightening path of the central banks of developed countries, especially the USA, against the high inflationary climate continues to be the main determining factor in brent oil pricing. As a matter of fact, the expectations of another 'jumbo' interest rate hike at the monetary policy meeting to be held by the FED on Wednesday has strengthened the dollar, pushing brent oil back to pre-war levels. On the other hand, the lifting of the restriction measures in the city of Chengdu, with a population of 17 million, has limited support for pricing. Technically speaking, brent, which paved the way for downward expansion after the completion of the triangle formation, can pull back to the 84.30 support, the lowest level since January 2022, if it leaves the 86.00 level permanently behind it. 89.45 and 91.35 resistances can be followed in possible upward attempts.
