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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 74.94 with take profit at 75.11.
Bearish Preference:
Sell position is envisaged if price trades below 74.23 with take profit at 74.00.
Fundamentals:
No major fundamental
Comment: Oil price met resistance in the past five days within $74.78 and $75.22 and has not since been able to climb higher after getting to those highs last since August 2018
U.S. stock index futures ticked up on Friday after a strong overnight showing for U.S. and global equities as President Joe Biden secured a bipartisan Senate infrastructure deal, oil prices fell but remained on track for a fifth consecutive weekly gain, as growth in demand is expected to outstrip supply on bets that OPEC+ producers will be cautious in returning more output to the market from August.
Analysis: SCRUM Team
