Technical Analysis: UKOIL

Brent Oil Surges Over 3%

On Monday, UKOIL prices surged over 3%, reaching a high of $81.8 per barrel, marking a new high in over a week.

Goldman Sachs Issues Bullish Oil Report

Goldman Sachs analysts said in a report that they expect UKOIL to rise to $86 per barrel in the third quarter, and that strong summer transportation demand will drive a 1.3 million barrel per day deficit in the oil market in the third quarter.

US Oil Rig Count Hits 2-Year Low

Data from US oilfield services company Baker Hughes showed that the total number of US oil rigs as of the week of June 7 was 492, down from 496 the previous week, marking a new low since January 2022.

Technical Analysis: Bullish Pattern Dominates

the Chart of the Day

On the daily chart, UKOIL has stabilized and is moving upwards, with a short-term bullish bias. On technical indicators, the KDJ has crossed to the upside after a golden cross, indicating that the market is likely to continue to move higher. The current resistance to watch is near 82.6, with further resistance above that near 84.6.

4-hour chart

On the 4-hour chart, UKOIL is oscillating upwards with a bullish trend. On technical indicators, the MACD has crossed to the upside after a golden cross, indicating a clear bullish signal. The current support to watch is near 80.2, and consider going long if it retraces and stabilizes.

Key Resistance: 82.6, 84.6

Key Support: 80.2, 78.2

Overall, optimistic expectations for oil demand are boosting oil prices, and the risk of a short-term upward trend is high. Investors should focus on the OPEC monthly market report intraday.