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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 63.60 with take profit at 63.90.
Bearish Preference:
Sell position is envisaged if price trades below 62.29 with take profit at 61.95.
Fundamentals:
No major fundamental
Comment: Oil had another sideways day in a narrow range overnight, with the opposing forces of higher production versus a weaker US dollar seemingly balancing each other out for now. Oil markets continue to monitor developments in the US/Iran talks in Vienna. Although the chances of a breakthrough are low, any signs that one may occur is likely to send oil lower in the short term.
Analysis: SCRUM Team
