Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 60.20 with a take profit at 60.68.
Bearish Preference:
A Sell position is envisaged if price trades below price 59.36 with take profit at price 58.81.
Fundamentals:
No major fundamentals
Comment: Oil started up Bullish this morning in Asia, with supply cuts by key producers and hopes for further U.S. stimulus measures giving the black liquid a boost.
More so The U.S. jobs report for January, released on Friday, showed that fewer jobs were created in the economy than expected and some investors said that it could lead to more stimulus measures, which in turn could boost fuel demand directly resulting to a high in fuel price.
Analysis: SCRUM Team
