mahdirhimi

UKOIL monthly technical analysis !

Long
TVC:UKOIL   CFDs on Brent Crude Oil
TVC:UKOIL

Hi everyone , I hope you're all fine .

- UKOIL has recently broke downtrend and also the price had a pullback to the broken trendline
- Also the price is is moving in a ascending channel
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the next resistances would be :
1- 86.70 (which is the top of channel and also last resistance
2- 116.00 (which is a nice resistance with 4 touches since 2012 and 2016 until now

now let's see some fundamental info about OIL :

- US crude inventories fell more than expected last week, hitting a three-year low, according to the US Petroleum Institute and the US Energy Information Administration. The upward trend in natural gas is likely to lead to increased demand for black gold .

This year, crude oil has grown by more than 80 percent since the beginning of the year, as the global economic recovery from the Corona outbreak significantly boosted demand. On the supply side, OPEC Plus members are also gradually reducing their production restrictions.

In addition, Hurricanes Ida and Nicholas affected production in the United States. The Gulf of Mexico was hit hard in late August (early September) and September (early October), respectively.

Given the imminence of the fourth quarter and the winter season in the Northern Hemisphere, some investors predict a continued upward trend in prices.

The Goldman Sachs Group (NYSE: GS ) said the market deficit was higher than expected, raising Brent oil forecast from $ 10 to $ 90 a barrel at the end of the year .

Source : Investing.com

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so what's your opinion guys ??
we'd be glad to see your idea in comments .