Instrument: OIL
Technical Analysis
Bearish Preference:
Sell is envisaged if price trades below 63.52 with take profit at 62.00.
Bullish Preference:
Buy is envisaged if price trades above 66.20 with take profit at 67.67.
Fundamentals:
None with major impact
Comment: Energy prices has seen a steady increase as demand for energy increased due to the lifting of the lock down in various major cities, We can see that as vaccines are being administered, neighborhood are building herd immunity to the virus and businesses are opening and things are getting back to normal. The effect on energy is an increase in demand for energy products like crude and natural gas, there by driving price higher.
Analysis: SCRUM Team