ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL:50 EMA Will Be Decisive in Brent Oil
The summit of European leaders, which lasted 2 days, ended yesterday. After the President of the European Commission, Ursula Von Der Leyen, announced that the leaders had agreed in principle to reduce oil imports from Russia by 90 percent by the end of the year, supply concerns started to become a determining factor for oil prices again. On the other hand, tomorrow's meeting of the Organization of Petroleum Exporters (OPEC) will also be crucial for price formation. In this regard, Brent oil, which we believe will maintain its upward perspective as long as it remains above 114.85, indicated by the 50-period exponential moving average, could retest the resistance of 120.30, the highest level since March 9, if the 118.25 level is permanently exceeded. In case of a transition below the possible 50 EMA, support levels 112.80 and 110.30 could come to the fore.
