ANALYSIS
NQ100 Finds Support from PPIApr 14
Regression May Continue in Brent Oil
In recent days, the European Union (EU) leaders' summit has seen a spike in oil prices following an agreement in principle to reduce oil imports from Russia to the EU by 90 percent by the end of the year. However, after it became known that Saudi Arabia was preparing further oil supplies with its Western allies, the way was paved for the decline in Brent oil. In addition, the meeting of the Organization of Petroleum Exporters (OPEC) will be crucial for price formation. Technically, the commodity, which completed the formation of a rising small wedge, could put on the agenda the psychological support of 110.00 if it falls below the 111.80 level permanently. In the possible upward attacks that may occur in the price formation of the commodity, the 116.00 mark could come to the fore after the resistance of 114.20.
