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Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 75.43 with a take profit at price 75.71.
Bearish Preference:
A Sell position is envisaged if price trades below price 74.98 with take profit at price 74.73
Fundamentals:
No major fundamental
Comment: Crude oil prices are trading at fresh two-and-half year highs during Monday’s APAC mid-day session, riding the tailwinds of US fiscal stimulus, falling inventories and an OPEC+ plan to further raise output in August. The oil cartel and its alliance will hold a meeting on July 1st, in which they may decide to lift pandemic-era production curbs to meet pent-up demand for fuel.
Analysis: SCRUM Team
