ANALYSIS
NQ100 Finds Support from PPIApr 14
Pressure on Brent Oil May Increase
Although the possibility of the European Union (EU) ceiling price limit to press supply gave some support to brent oil, the hawkish stance in the meeting minutes published by the Federal Open Market Committee (FOMC) yesterday and the increase in US crude oil stocks by 7.05 million barrels put pressure on brent oil. The fact that global recession risks remain alive also has an impact here. Technically speaking, the psychological 90.00 level will be closely followed in the commodity, which is seen to have changed the channel on the fourth trading day of the week and accelerated its downward movements. If this level is permanently passed below, the decline may continue until the 88.65 support, which will be the lowest of about 10 days. In possible upward attempts, 93.00 and then 94.50 resistances can be followed.
