Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 64.21 with a take profit at price 64.45.
Bearish Preference:
A Sell position is envisaged if price trades below price 63.00 with take profit at price 62.25.
Fundamentals:
No major Fundamentals
Comment: Crude oil ended slightly lower last week with prices dropping roughly -1% to $60.72/bbl. Oil price action was quite volatile over the last few sessions, however, as the commodity fluctuated within an 8% trading range. In fact, the 14-day average true range accelerated to its highest level since June of last year. Recent crude oil price volatility looks likely to persist in light of fundamental risk posed by the upcoming OPEC+ meeting scheduled to take place on 01 April 2021, which stands to guide the direction of oil.
Analysis: SCRUM Team
