ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil Confirms Downward Trend
In the previous days, the Energy Information Administration (EIA) announced that weekly crude oil inventories came in at 5.46 million barrels, above market expectations of 0.073 million barrels. In the day we left behind, we are watching the pressure on brent oil prices as the Organization of Petroleum Exporting Countries (OPEC) lowered the demand growth expectation by pointing out the global recession risks in its Oil Market Report. Technically, if the commodity confirms its downtrend with the strong resistance it encounters in the 100-period simple moving average (100 MA), it can end the minor wedge formation and continue its losses at 93.35 and then 91.00. 99.85 and 102.00 resistances can be followed in trials that may occur over a possible 100 MA.
