ANALYSIS
NQ100 Finds Support from PPIApr 14
Descending Wedge Preparation in Brent Oil
In the shadow of the rapidly increasing number of cases in China, the sharp turn of the public authority from the strict 'Zero Covid' policy keeps the demand for oil in the markets resilient. On the other hand, the decline in US stocks and the optimistic atmosphere in the investor risk appetite also have an impact. Technically speaking, it is quite clear that brent is defending its bullish trend. As long as 90.00, the psychological boundary line below, is not broken, brent oil is highly likely to recover to 92.50 and then 93.70 resistance, with the descending wedge formation it is preparing for. In possible decreases below 90.00, the 88.60 and 87.25 supports can be observed.
