ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil Pricing Remains Buoyant
As a result of the increasing coronavirus cases in China, which is the largest oil importer in the world, brent oil prices have slightly retreated. However, the fact that the US economy has been out of recession by growing by 2.6% in the 3rd quarter, and the expectations that the PCE Deflator, the FED's inflation indicator, will be at the level of 6.2% in September and as such lower the speed in monetary tightening after November keeps brent oil prices alive. Technically, if brent oil, which carries the minor rising channel movement to the third trading day of the week, rises above the 96.00 level, the 97.45 resistance may enter the radar of market players. In the downward movements that may occur, 92.75 and then 91.20 support may be in question.
