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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.76 with take profit at 71.99.
Bearish Preference:
Sell position is envisaged if price trades below 70.90 with take profit at 70.63.
Fundamentals:
No major fundamental
Comment: Oil prices were steady on Thursday following two days of gains after a call from the United States, the world’s top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions. The U.S. Senate late on Tuesday passed a $1 trillion infrastructure bill that will expand transportation systems and likely lead to a number of energy-consuming construction projects. Biden’s administration on Wednesday urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery.
Analysis: SCRUM Team
