Recessionary fears have overtaken inflationary fears as the main driver of price action in financial markets with global central bank heads to market pundits fearing the worst for the months ahead. Get your market update from nickcawley1 here:
Over the last few weeks, recessionary fears have overtaken inflationary fears as the main driver of price action in financial markets with global central bank heads to market pundits fearing the worst for the months ahead. A series of out-sized interest rate hikes by various central banks, in a bid to temper red-hot price pressures, is set to, or are already weighing on global growth prospects as central banks see fighting inflation as their overriding priority.
As recession fears grow,The daily Brent Crude chart shows a topping-out pattern earlier this month with the $123.50/bbl. level tested and rejected four times. Price action since then has built a descending channel and has broken below both the 20- and 5-day simple moving average, with both breaks lower immediately confirmed. The price of Brent is now heading towards a zone of prior horizontal support between $100.83/bbl. and $95.60/bbl.
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