ANALYSIS
NQ100 Finds Support from PPIApr 14
Crude Oil Struggles to Maintain Its Gains
We have seen a partial recovery in the energy market with the European Union's new sanction proposal targeting Russian oil. However, as global recession concerns continue to escalate in the markets, it is unlikely that crude oil will find any meaningful demand. At this point, we follow the 100-period exponential moving average (EMA), which points to 83.45, as an important determinant in commodity pricing. As long as the 100 EMA is not exceeded by permanent closures, the commodity remains at risk of falling to 78.15 behind the psychological 80.00. In a possible transition above 100 EMA, 85.20 resistance can be observed.
