UKOil technical analysis – 6 July 2023

  • UKOil

Daily Chart (Left)

  • UKOil's candlesticks are positioned in their bullish channel between the upper blue and red bands.
  • The red Bollinger bands are starting to move away from each other (black ellipses). This suggests a possible expansion in volatility.
  • The daily RSI is on the bullish side of 50 (blue rectangle).
  • If there is an expansion in volatility and the candlesticks remain in their bullish channel, with the RSI maintaining above 50, UKOil prices are likely to appreciate.

Hourly Chart (Right)

  • Both UKOil's trend-following EMAs and its momentum-based stochastic have bullishly crossed up (red ellipses).
  • This comes as prices has bounced off price support that overlays with the chart's central pivot (black horizontal line).
  • If the EMAs develop angle and separation and the stochastic moves into the 80+ area (green rectangle) and holds, UKOil's hourly chart will have an underlying bullish momentum.


  • On Monday, Saudi Arabia announced an extension of its 1 million bpd production cut for July into August.
  • Russia announced a 500,000-bpd decline in exports in August.
  • These add to the existing voluntary production cuts.
  • The voluntary drops amount to just over 1.66 million barrels per day.
  • OPEC+ initially announced these cuts in April.
  • The coalition, during their meeting in June, agreed to extend these cuts until the end of 2024.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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