Daily Analysis: UKOIL ( Oct 18 2022 )

Brent oil is trading around 92.15 level. Below 93.50 (50-daily simple moving average), the momentum is negative for the black metal.  However, stochastic indicator is falling near oversold condition. The main resistance is at 93.50, then at 94.15. On the downside, 91.40 is seen as support level. If broken, the next will be at 90.90 level.

Support: 91.40 – 90.90 – 88.75

Resistance: 93.50 – 94.15 – 96.50