Daily Analysis: UKOIL ( Oct 11 2022 )

The warnings come related to global economy growth from the World Bank and IMF. Their chiefs said that the risk of recession in the global economy is growing due to rising interest rates and slowing economies around the world. Thus, the demand for oil will decrease forthcoming period

Today, brent is trading around 94.60 level. Technically, above 50-daily simple moving 93.90 the momentum is positive for the black metal. The main resistance region is between 98.50-99.00 level, but stochastic indicator is turning overbought condition. On the downside, 93.60/80 is seen as support region. If broken, the next will be at 92.65 level.

Support: 93.60/80 – 92.65 – 90.70

Resistance: 96.45 – 98.65 – 100.50