ANALYSIS
NQ100 Finds Support from PPIApr 14
The Recovery May Be Limited in Brent Oil
Moderate relaxations in the dollar brought some reaction to brent oil. However yesterday in China, which is the world's largest oil importer today, in addition to the concerns about the recession in the global markets, the announcement that the quarantine has been extended indefinitely in the 21 million Sichuan city as a result of increasing coronavirus cases limits the recovery of brent oil. Also, the announcement of 8.84 million more barrels of oil stock in the USA also has an impact. Technically examined, brent oil, which continues to protect its descending channel movement on the last trading day of the week, can continue its dissolution by preserving the pressure on it until 88.45 then 86.15 support which will be pre-war level, as long as it does not exceed the 92.25 level permanently. In a possible transition above 92.25, the resistance of 94.50 can be traced.
