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UKOIL: Upside in the short term
2022-10-30
1688
Brief analysis of fundamentals:
The EU ban will also limit Russian shipping companies' access to the global shipping insurance industry, a ban that could tighten the world shipping market, which could also raise oil prices. Jpmorgan analysts believe oil prices will be strongly influenced by the availability of tankers willing to transport Russian oil, rather than global supply and demand fundamentals, until 2024, which will keep prices elevated.
UK crude oil UKOIL daily chart
Technical analysis:
Daily chart: short-term price consolidation is gathering momentum, short-term graphic structure is neutral, MACD volume column 0 axis is looming, RSI began to rise slightly, short-term oil prices have further rebound to attack demand, medium-term still rolling short.
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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