Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 62.69 with take profit at 63.58.
Bearish Preference:
Sell position is envisaged if price trades below 61.05 with take profit at 60.85.
Fundamentals:
3:30pm USD Fed Chair Powell Testifies
Comment: Oil prices rose more than 1% on Wednesday as investors sought bargains following the previous day’s slump, but the recovery was stunted by fears of a slow recovery in demand due to new pandemic lockdowns in Europe and a build in U.S. crude stocks.
Germany, Europe’s biggest oil consumer, extended its lockdown to April 18, and Chancellor Angela Merkel urged citizens to stay at home for five days over the Easter holiday.
Analysis: SCRUM Team
