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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 67.85 with take profit at 68.06.
Bearish Preference:
Sell position is envisaged if price trades below 66.93 with take profit at 66.68.
Fundamentals:
No major fundamental
Comment: Crude oil prices faced notable selling pressure as commodity traders sank WTI -2.5% and Brent -3.1%. In addition to market sentiment softening broadly, this may be a reflection of traders betting on a potential Iran nuclear deal and spike in global oil supply that would likely follow. Shifting focus to other major commodities, we find that the price of gold extended 2.1% higher to trade around $1,875/oz. This brings the precious metal’s streak of gains to three weeks straight.
Analysis: SCRUM Team
