Daily Analysis UKOIL - 17 Mar 2023

Fundamental Outlook: The price of oil increased slightly on Friday as the OPEC+ group was expected to implement measures to support the market. However, concerns over an economic downturn caused by a potential banking crisis limited the gains and led to oil prices being on track for their worst week of the year.

Technical Analysis: Brent oil is currently experiencing a downtrend, but recent long candlesticks in the past two days suggest that there may be support at this level, and buyers may be taking action. If the upward momentum continues, the 75.75 level could serve as an essential resistance level. On the other hand, if the price turns downwards once again, selling pressure may increase below the 71.70 level. Traders should keep a close eye on price movements around these levels to determine potential changes in trends.

Support: 73.75 – 71.70 – 69.80   Resistance: 75.75 – 76.45 – 77.70