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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 70.63 with take profit at 70.85.
Bearish Preference:
Sell position is envisaged if price trades below 69.68 with take profit at 69.43.
Fundamentals:3:30pm USD Crude Oil Inventories
Comment: Oil prices nudged lower on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico’s production and signs that China, the world’s biggest importer, has curbed a recent coronavirus outbreak. In Asia Pacific, there were signs that China, the world’s biggest oil importer, is bringing its latest COVID-19 outbreak under control. The country reported zero local symptomatic COVID-19 infections on Monday for the first time since the outbreak began.
Analysis: SCRUM Team
