ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL: Biden Administration vs. OPEC decision
Organization of Petroleum Exporting Countries’ (OPEC) decision to continue its plan to gradually reduce daily oil production cuts by 400k barrels per month and the Biden administration's assessment of the use of strategic reserves have different effects on the oil prices. Technically, as long as the black gold stays above Fibonacci 100 percent expansion line indicating 79.80, we expect bullish moves and target 82.30 – 83.70 resistance levels. On the other side, we will follow 78.65 in possible decreases below 79.80.
