ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL is bearish as the SPR is under consideration
Upward momentum that has started following the OPEC’s decision to cut oil supply started to lose momentum after the US Energy Secretary Jennifer Granholm said: “It's a tool that's under consideration,” indicating the Strategic Petroleum Reserve (SPR). Technically, UKOIL facesd strong resistance at the 100-period WMA and started to decline to 82.35. If it also breaks this support, 81.00 and 79.85 will be on our radar. On the other side, if the black gold exceeds 100 WMA, we will follow 84.50. After that, 85.75 might be on our radar again.
