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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 65.45 with take profit at 65.75.
Bearish Preference:
Sell position is envisaged if price trades below 64.32 with take profit at 63.63.
Fundamentals:
No major fundamentals.
Comment: Oil was up Tuesday morning in Asia, as attention shifted from a container ship stuck in the Suez Canal to an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting later in the week. Oil prices edged higher on Monday after Reuters reported that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week. Opec+ would meet on April 1 to decide output policy. Russian oil and gas condensate output increased to 10.22 million barrels per day (bpd) in the period March 1-28 from 10.1 million bpd in February.
Analysis: SCRUM Team
