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UKOIL: Sell further after rally
2022-10-23
1199
Brief analysis of fundamentals:
"OPEC+ production cuts of 2 million BPD could be a turning point for the oil market," ANZ Research said in a note. It could tighten the market as Western countries impose price caps on Russian oil and the market faces the risk of fresh supply disruptions. "The global economic slowdown is a major headwind, but the oil market is fundamentally in a better position than in previous downturns."
UK crude oil UKOIL 4-hour chart
Technical analysis:
Daily chart: short-term prices rebound slightly stronger, short-term graphic structure neutral weak, MACD volume column 0 axis looming, RSI trend flat without direction, short-term oil prices have further rebound demand.
Long/short turning point: 99.00
Resistance: 105.00 112.50
Support: 92.00 85.00
Trading strategy: Bearish below 99.00, target 92.00, 85.00
Alternative strategy: Bullish above 99.00, target 105.00, 112.50
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