Daily Analysis: UKOIL ( Sep 08 2022 )
After unexpected deficit in early 2022, global crude markets moved into surplus due to the COVİD crisis in China. On financial markets, speculators decreased their exposure to oil due to recession fears. In addition, pricing in UKOIL ignores the output cut decision from OPEC+.
Technically, 50-Daily Moving Average (DMA) crossed the 200 DMA for the downside. If UKOIL stays below $89, the selling pressure may be accelerated.
- Support: 87.40 – 86.30 – 84.60
- Resistance: 89.00 – 93.80 – 97.00