Daily Analysis : UKOIL ( 14 Dec 2022 )

Black metal has reversed critical values according to technical analysis. It is currently hovering around 80.30. Europen region decided some sanctions for Russia but these sanctions did not approve yet. Russia threatened to cut production across the Europen region’s sanctions. It appears these discussion will continue for times. Chinese leaders postponed the meeting due to Covid-19 according to Bloomberg. FED's interest policy will determine the oil prices’ direction. The easing of DXY also supports the rise of oil.

Technically, the momentum is positive for the black metal above 80.00 (21DMA). On the downside, 78.50 is seen as support level. If broken, the next level will be at 77.00. The main resistance is at 80.75 level. More upside, 81.60 will be seen the next resistance.

Support: 80.00 – 78.50 – 77.00

Resistance: 80.75 – 81.60 – 82.50