Instrument: OIL
Technical Analysis
Bearish Preference:
A Sell position is envisaged if price trades below 65.94 with a take profit at 65.28.
Bullish Preference:
A Buy position is envisaged if price trades above price 66.89 with take profit at price 67.77
Fundamentals:
No major fundamentals
Comment: Oil is still on the rise due to the tightened global supplies .OPEC+ Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due to the storm in Texas.
However, we remain cautious over the near term on easing OPEC+ support, risks from more transmissible COVID-19 variants and elevated positioning.
Analysis: SCRUM Team
