Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.21 with take profit at 71.47.
Bearish Preference:
Sell position is envisaged if price trades below 70.59 with take profit at 70.36.
Fundamentals:
No major fundamental
Comment: Investor worries were heightened by trade data from China, the world’s top oil importer, released on Monday. Imports grew 51.1% year-on-year in May, below the 51.5% in forecasts but higher than April’s 43.1% growth. “Chinese oil imports at a five-month low would tend to confirm weakness in the Asia market,”.
Investors also await the outcome of talks between Iran and world powers to revive a 2015 nuclear deal and potentially re-add Iranian crude to the global supply. Discussions are scheduled to resume in Vienna on Jun. 10.
Analysis: SCRUM Team
