ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil May Show a Decrease
The European Union's (EU) attempts to impose sanctions against Russia on energy continue to keep the prices of brent oil on the alert due to supply-side concerns. However, both the recession concerns, especially in Europe and the possibility of FED's aggressive tightening due to the fact the US consumer inflation does not reach the desired levels despite the downshifting, creates a stronger weight on the brent oil. As a matter of fact, the information that US President Joe Biden will make some announcements next week to reduce oil prices also has an impact on brent oil. Technically speaking, if the commodity, which is heading for a downward retracement by making the trend change, permanently passes behind the 90.40 level, it is likely to focus on the 88.70 support indicated by the Fibonacci 61.8% retracement line. In the upside scenario, 93.50 and then 95.00 resistances may be in question.
