ANALYSIS
NQ100 Finds Support from PPIApr 14
The Recovery Continues in Brent
Brent prices are supported by worries that the Petroleum Exporters Organization (OPEC) may reduce production in response to the possibility of Iran returning to the oil market, in addition to the 146 billion dollars new incentive announced by the Chinese State Council to support the economy. Technically, if the commodity can make its move to the 102.00 resistance permanent and confirm the trend change by ending the descending wedge, it can reach its goal of 104.15, which is marked by the Fibonacci 38.2 percent correction line. The 97.50 and 95.35 supports will be followed during potential retracements.
