ANALYSIS
NQ100 Finds Support from PPIApr 14
The Recoveries in Brent Oil May Not Be Permanent
The day we left behind, we see that brent oil got a reaction with the expectations that the FED will reduce the aggressive tightening rate after the US consumer inflation data. However, recession concerns in global markets continue to weigh on brent oil. Technically speaking, brent oil, which broke the descending wedge formation with upward attacks, is likely to encounter strong resistance in the 99.20 – 100.85 range indicated by the Fibonacci retracement range. The 95.70 support is critical for the acceleration of the descent to 94.00.
