Daily Analysis: UKOIL ( Oct 12 2022 )

The International Monetary Fund (IMF) announced the economic Outlook Report. According to report, global growth is forecast to slow to %3.2 in 2022 and %2.7 in 2023. Also, Biden conveys his disappointment with the OPEC+ decision.

Now, Brent is trading around 94.30 level. Technically, above 93.75 (50-daily simple moving average) 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: 92.65 – 90.70 – 88.85

Resistance: 95.05 – 96.45 – 97.80