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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 68.60 with take profit at 68.76.
Bearish Preference:
Sell is envisaged if price trades below 68.06 with take profit at 67.88.
Fundamentals:
None with high impact
Comment: The demand for crude is outpacing supply, the International Energy Agency (IEA) said in its monthly report released on Wednesday. The report added that the discrepancy will grow further despite Iran boosting exports.
IEA’s report comes a day after the Organization of the Petroleum Exporting Countries (OPEC) said that it continued to expect a strong fuel demand recovery in 2021 as China and the U.S. continue their economic recoveries from COVID-19.
Analysis: SCRUM Team
