Daily Analysis: UKOIL ( Oct 13 2022 )

The downside risks are still advocated amid escalating fears of a recession situation in the global economy. Thus, the demand for brent will be on the decrease.

Now, brent is trading around 93.25 level. Technically, below 93.70 (50-daily simple moving average) the momentum is negative for the black metal. Yet, stochastic indicator is near oversold condition. The main resistance is at 93.70, then at 95.15. On the downside, 91.50 is seen as support level. If broken, the next will be at 90.70 level.

Support: 91.50 – 90.70 – 88.20

Resistance: 93.70 – 95.15 – 96.45