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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 73.26 with take profit at 73.50.
Bearish Preference:
Sell position is envisaged if price trades below 72.47 with take profit at 72.24.
Fundamentals:
None with high impact.
Comment: Both Brent and WTI futures remained above the $70-mark, and prices were almost unchanged as the week draws to a close. The black liquid has clawed back almost all its losses from earlier in the week, when concerns about the rising number of COVID-19 cases involving the Delta variant globally clouded the fuel demand outlook and the Organization of Petroleum Exporting Countries and its allies (OPEC+) resolving a supply dispute caused a slump in prices on Monday.
Analysis: SCRUM Team
