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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.74 with take profit at 71.86.
Bearish Preference:
Sell position is envisaged if price trades below 71.32 with take profit at 71.17.
Fundamentals:
No major fundamental.
Comment: Looking ahead, traders will eye this week’s API and EIA crude oil reports for clues about the supply-demand relationship. The EIA reported a larger-than-expected draw in stockpiles last week, reflecting a rapid rise in demand as the economy rebounds.
Analysis: SCRUM Team
