Brent Oil Chart
In today’s Daily Technical Outlook for UKOIL
on November 9, the asset exhibits a positive movement, registering an uptick of 0.88% to $80.36. The key pivot point stands at $81.53, with immediate resistance and support levels identified at $83.47 and $79.28 respectively.
Additional resistance and support levels are noted at $85.28, $87.57, $77.58, and $76.15. The Relative Strength Index (RSI) stands at 40, suggesting a bearish sentiment, as it’s below 50. The Moving Average Convergence Divergence (MACD) shows a value of -0.04, hinting at a potential downward trend.
The 50-Day Exponential Moving Average (EMA) at $83.98 indicates a short-term bearish trend as the current price is below this level. The observed downward channel in the chart pattern reinforces the bearish outlook.
Overall, the trend is bearish below the $81.0 mark, and we anticipate the asset to test these resistance levels in the short term.
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