UKOIL has edged up today, posting a modest increase to $87.59, marking a gain of 0.17%. The commodity currently trades just above its pivot point of $87.13. Looking ahead, resistance levels are noted at $88.68, $90.09, and $91.83. On the downside, support is found at $85.79, with further levels at $84.63 and $82.94.
Technical indicators reveal a bullish sentiment above the pivot, underscored by the 50-day EMA at $89.41, suggesting potential resistance, and the 200-day EMA at $86.99, indicating strong underlying support. A drop below $87.13 could trigger a marked sell-off, shifting the market trend.
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