Daily Analysis: UKOIL ( Sep 29 2022 )

With the BoE’s support to the market, US yields cooled off and DXY softened. Thus, Brent price soared to 89.50 level. Today, eyes on the US GDP data. As per the consensus, the growth rate in the US economy has declined by 0.6% in the second quarter on an annualized basis. If the data comes better than expected, the brent price would move above 90level again.

Technically, 50-Daily Moving Average (DMA) is crossed the 200DMA. Below 95.60 level (50DMA), Brent remains under selling pressure. The expected trading range for today is between 83.65 support and 87.40 resistance.

Support: 87.30 – 90.90 – 92.80

Resistance: 89.70 – 89.70 – 92.80