Instrument: OIL
Technical Analysis
Bearish Preference:
A Sell is envisaged if price trades below 67.45 with take profit at 66.71.
Bullish Preference:
A buy is envisaged if the price trades above 68.71 with take profit at 69.29.
Fundamentals:
2.30PM – USD Non-Farm Employment Change
USD Average Hourly Earnings m/m
USD Unemployment Rate
Comment: Oil and gas stocks, which surged on Thursday after the Organization of Petroleum Exporting Countries surprisingly kept a tight cap on its output quotas for April, were still enjoying their moment in the sun, many hitting their highest levels in over a year as analysts revised up their crude price targets for 2021.
The OPEC+ decision is also an admission, implicitly, that the bloc doesn’t yet believe fully in the demand recovery story, for good reason: international air travel is still on its knees, and from India to Italy and Texas, Covid-19 cases have stopped falling as governments have bowed to pressure to reopen.
Analysis: SCRUM Team
