ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL: Chinese Influence on Brent Oil
Brent oil pricing, which retreated yesterday after US President Joe Biden announced that 15 million barrels of crude oil would be sold from the strategic oil reserve, has headed for recovery with the support of the expectation of a new relaxation in the coronavirus epidemic measures in China, which is the world's largest oil importer today, and the support of the People's Bank of China (PBoC) keeping the 1-year LDR rate constant at 3.65% in its October monetary policy meeting announcement. Technically speaking, brent oil, which completed the descending wedge formation, can focus on the 95.95 resistance indicated by the Fibonacci 61.8% expansion line, after 94.40, if it permanently crosses above the 93.20 level in the expansion movement following the trend. In declines, the range of 90.60 – 89.35 can play a role as the reaction zone.
Support: 90.60 – 89.35 – 88.00
Resistance: 93.20 – 94.40 – 95.95
