Brent Oil (UKOIL) marked a modest rise, up by 0.49%, to trade at $85.94. This increment reflects a constructive phase within the commodity’s trading dynamics, as it hovers above the pivotal $85.13 level, delineated by its technical setup.
The asset faces immediate resistance at $86.48, with further hurdles at $87.23 and $87.94, mapping potential pathways for an upward trajectory. Support levels are established at $84.57, then $83.89, and finally at $83.20, offering a cushion against potential pullbacks.
The proximity of the 50-Day Exponential Moving Average (EMA) at $85.34 to the current price accentuates the bullish sentiment, further underscored by the 200-Day EMA at $83.24. Given these parameters, UKOIL’s outlook appears bullish above the $85.13 benchmark, suggesting room for continued appreciation barring any downward breach.
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