Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 68.05 with take profit at 68.38
Bearish Preference:
Sell position is envisaged if price trades below 66.94 with take profit at 66.25.
Fundamentals:
No major Fundamental
Comment: Spot cash premiums for June-loading barrels of Malaysian and Vietnamese crude oil have eased on the month amid demand concerns as COVID-19 cases spike in Asia, “There is a potential for further lockdowns in Thailand and India due to COVID-19. Thailand is one of the biggest buyers of regional crude, if the movement restrictions increase, the demand for regional crude will not be good.
Analysis: SCRUM Team