Daily Anlaysis: UKOIL ( Oct 05 2022 )

OPEC+ will hold its meeting today in Vienna. The oil cartel and its allies are considering an output cut of more than a million barrels per day. If the cut comes strong like one million bbl/day, then the price will rise approximately $13/bbl.

For a daily chart, the main resistance is at 94.30 (50DMA), but stochastic indicator raises overbought condition. On the downside, 88.75 is seen as support level. If broken, the next will be at 86.40 level.

Support: 90.00 – 88.75 – 86.40

Resistance: 92.40 – 93.50 – 94.40