Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 74.42 with take profit at 74.66.
Bearish Preference:
Sell position is envisaged if price trades below 73.68 with take profit at 73.43.
Fundamentals:
No Major Fundamentals.
Comment: Crude oil prices weakened Tuesday, with the growth of Covid cases, mainly in the U.K. but also a number of Asian countries, caused by the highly infectious delta strain weighing on sentiment. There was also an element of traders taking some money off the table ahead of Thursday’s meeting of the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+.
Estimates of weekly U.S. crude oil inventory data by the American Petroleum Institute are due later today.
Analysis: SCRUM Team