ANALYSIS
NQ100 Finds Support from PPIApr 14
The Recoveries May Be Limited in Brent Oil
When Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman gave the signal to reduce oil production, we could see that Brent oil was attempting to recover. However, recent brent oil prices have been affected by the fact that recession risks are still present in international markets. Technically speaking, the 200-period exponential moving average has identified the Fibonacci retracement zone; in the case of Brent oil, the outlook will remain bearish as long as the 98.95 - 100.75 resistance range is not breached. Any easing to the 95.30 support level could hasten the decline to 91.75 behind 93.55.
