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UKOIL: Bearish trend continues
2022-12-07
1014
Brief analysis of fundamentals:
Saudi Arabia, the world's largest oil exporter, cut the January official selling price (OSP) of its flagship Arabian Light crude to Asian buyers to a 10-month low. Moreover, it will take time to confirm the impact of Western sanctions on Russia on supply.
UK crude oil UKOIL daily chart
Brief technical analysis:
Looking at the daily chart: short-term prices are accelerating downward, the short-term graphic structure is showing signs of breaking, the MACD volume energy column is on the 0 axis, the RSI continues to decline, and short-term oil prices have further downward momentum.
Long-short turning point: 92.00
Resistance levels: 99.00 105.00
Support: 85.00 78.00
Trading strategy: bearish below 92.00, target 85.00, 78.00
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