Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 73.95 with take profit at 74.54.
Bearish Preference:
Sell position is envisaged if price trades below 72.88 with take profit at 72.65.
Fundamentals: No major fundamental.
Comment: Earlier Last week OPEC decided to increase output by 400,000 barrels per day (bpd) for the month of October, in line with its gradual plan to reintroduce supply into international markets after drastically withdrawing supply at the start of the pandemic. For OPEC’s 2021 oil demand growth forecast to be met, global demand needs to average around 100 million bpd in the final quarter of this year – almost 1 million bpd higher than the IEA’s fourth-quarter projection. Oil rose more than 1% on Monday, supported by concerns over shut output in the United States because of damage from Hurricane Ida, with analysts expecting prices to remain rangebound in a stable market over the coming months.
Analysis: SCRUM Team