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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 69.53 with take profit at 70.34.
Bearish Preference:
Sell position is envisaged if price trades below 67.84 with take profit at 67.19.
Fundamentals:
No major fundamental.
Comment: Oil was up Tuesday morning in Asia, but Brent oil futures and WTI futures both remaining below the $70 mark. A broader market rout, combined with the recent COVID-19 outbreaks involving the Delta strain, all raised concerns about the short-term fuel demand outlook.
The Organization of the Petroleum Exporting Countries and allies (OPEC+)’s resolution of its dispute over output increases earlier in the week removed some uncertainty for investors.
Analysis: SCRUM Team
