ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Prepares to Recover 2 Week's Losses
Hours before the critical September monetary policy meeting of the Federal Open Market Committee (FOMC), the strengthening dollar makes brent oil lose momentum. However, we see that purchases in brent oil dominate, as Russian President Vladimir Putin's declaration of partial mobilization in his country triggered supply concerns. Technically speaking, the commodity is preparing for a descending wedge formation. Above, the 93.45 level is critical. Exceeding this level may allow the wedge formation to end by consolidating purchases and reach 95.80, which was last seen on September 5th. In possible retracements, 88.75 and 86.50 supports can be followed.
