ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL is still bullish despite a slight loss
Expectation that the US Federal Reserve (Fed) will raise interest rates stronger in March and Russian President Vladimir Putin's statements yesterday that he will pull back some of the Russian troops from the Ukrainian border has indicated an ease in tensions on Russia-Ukraine line and caused downward moves in UKOIL. However, US President Biden has not confirmed that pullback and warned the World against a possible Russian invasion raised the concerns again and thus, UKOIL has recovered. Technically, the commodity slightly reduced from the highest level of the last 8 years, but it will follow 93.80 and 95.30 levels as long as it stays above 91.00. Below this level, 89.50 support might be significant.
