ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL:Brent Struggling to Maintain Gains in European Session
Benefiting somewhat from Saudi Arabia's preparations to boost its oil sales to Asia at a record price, Brent has come under pressure from the US administration's announcement that it will sell an additional 20 million barrels of oil from its strategic reserves. At this point, we closely monitor the 100-period exponential moving average (100 EMA) in brent oil pricing. As long as the 100 EMA pointing to 102.15 is defended as resistance, in commodity contracts where the downside potential will continue to be sheltered, breaking the 97.00 support may accelerate the descent to 94.30.
