ANALYSIS
NQ100 Finds Support from PPIApr 14
Selling Pressure Retains on Brent Oil
In the first trading hours of the week, data from China, the world's largest oil importer, were followed. As NBS reported, the industry, which is the locomotive sector of the country's economy, did not meet the expectations on an annual basis, increasing by 3.8 percent in July. However, despite the increasing number of cases in the country, the energy market is struggling to find demand while concerns about new closures are on the agenda. Last week, the Organization of Petroleum Exporting Countries (OPEC) lowered the demand growth expectation by pointing to the risks of the global recession in its Petroleum Market Report. Technically speaking, as long as the 97.50 level indicated by the 100-period weighted moving average is not permanently exceeded, the risk of falling to the lowest level since February 21 will be on the table in brent oil at 91.00, which was cut by the Fibonacci 61.8% expansion line behind 93.20.
