Daily Analysis : UKOIL ( 15 Dec 2022 )

Black metal continues rising. It is currently hovering around 82.00.The International Energy Agency announced that oil’s prices are sharply increase next year. However more than expectation hawkish stance from FED limited oil prices. 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. Also U.S. crude oil inventories showed that rising demand.

Today, the momentum is mixed after hawkish FED decision. Technically, below 83.70 (21DMA). On the downside, 81.90 is seen as support level. If broken, the next level will be at 80.50. The main resistance is at 83.70 level. More upside, 84.85 will be seen the next resistance.

Support: 81.90 – 80.50 – 78.30

Resistance: 83.70 – 84.85 – 85.60