ANALYSIS
NQ100 Finds Support from PPIApr 14
Recoveries May Be Limited in Brent Oil
At the meeting of the Petroleum Exporters Organization (OPEC), a slight recovery was seen in brent oil, after the news reflected on the markets that an agreement was reached for a historically low amount of oil production with 100,000 barrels per day in September. However, while the recession risks for developed countries' economies are increasing, the selling pressure on brent oil is still on the agenda. Technically, the outlook will remain bearish as long as the 200-period exponential moving average remains below the 104.00 level, and if it can be surpassed behind the 99.00 level, a pullback can be observed to the 96.80 support. If it is above the possible 200 EMA, there may be resistance at 106.00.
