Daily Analysis UKOIL - 20 Mar 2023
Fundamental Outlook: On Monday, the prices of oil dropped after initially increasing, as worries about a decline in demand this year and the anticipation of the Federal Reserve meeting overshadowed efforts by major central banks to alleviate concerns of a potential banking crisis in the market.
Technical Analysis: Brent oil is still experiencing a decline, with the price falling below the ascending channel's downtrend. At present, the 70.05 level can be seen as a support level for the price, which has fallen to 70.85. Unless the price crosses up the 8-day exponential moving average, selling pressure is likely to continue. The 72.00 level is a significant resistance level in the near term, which traders should keep an eye on.
Support: 70.05 – 67.60 – 65.80 Resistance: 72.00 – 73.70 – 75.40