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11:37, 09 сентября

Daily Analysis

On Tuesday last week we covered UK Oil which spent the rest of the week rallying higher to a one month high. Throughout most of August UK Oil traded within a narrow range mainly between $58 and $60 with the former level providing some support, which has assisted the recent rally. UK Oil has enjoyed several excursions above the $60 level in the last four weeks, however every time it has been sold off quickly returning back into the range, so this recent excursion is significant.
Should the $58 support level give way, there is no obvious support level until around $50 where it reversed at the end of last year. UK Oil will now be looking for the support at $58 to remain and keep prices propped up as the medium term trend down and there is a lot of selling pressure being applied.