ANALYSIS
NQ100 Finds Support from PPIApr 14
Cases in China, Libyan Crisis, and EIA have a strong impact on Brent
Coronavirus cases are in a downward trend in China, leading to the ease of restrictive measures and increasing the demand for Brent oil. On the other side, oil production halted in Libya due to the political crisis and the decline in US oil inventories despite the expectations of an increase have an impact on supply side. Technically, as long as it stays above the lower line of the ascending channel indicating 104.80, we will see bullish movements. Accordingly, we will follow 110.00 and 113.50 resistance levels closely. However, a decline below the lower line of the ascending channel may gain momentum 102.50 and 100.00 supports.
