ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL is in the recovery path
The US Federal Reserve’s 25bps-rate-hike created expectations that the manufacturing sector will lose momentum and the demand for energy will decline, stopping the recovery in the oil prices. However, a statement by the Kremlin that Russian and Ukrainian delegates couldn’t make a deal as a result of the 4th round of negotiations has opened the way for bullish movements again. In addition, Pentagon’s remarks that Putin is likely to use nuclear power in case the war is not over soon have been another important factor in these upward movements Technically, the black gold has just broken the minor descending trend and if it settles above 108.20 resistance, we will follow 111.00 and 113.95 levels. In case of ease of tensions, we will follow 103.00 and 100.00 support levels.
