Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 78.51 with take profit at 78.75.
Bearish Preference:
Sell position is envisaged if price trades below 77.69 with take profit at 77.44.
Fundamentals: No Major Fundamental
Comment: Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Supply tightness continues to draw on inventories across all regions. Shortages appear to be driving the rally amid gaps in supply chains and lingering output disruptions following Hurricane Ida. More so, Shipping costs have jumped to a 13-year high making supply even more difficult.
Analysis: SCRUM Team
