ANALYSIS
NQ100 Finds Support from PPIApr 14
Downward moves continue in UKOIL
There is a strong pressure on UKOIL amid U.S. President Joe Biden's approval of the release of 18 million barrels from strategic oil reserves and expectations for hawkish remarks from Federal Reserve Chair Jerome Powell at the Federal Open Market Committee (FOMC) meeting today. Technically, UKOIL broke the ascending wedge and if it declines below 71.60 support, we will follow 70.50 support indicated by Fibonacci 38.2 percent expansion line. On the other side, we will follow 73.70 - 74.90 range in possible bullish movements.
