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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 78.59 with take profit at 78.79
Bearish Preference:
Sell position is envisaged if price trades below 77.20 with take profit at 76.95
Fundamentals:
No Major Fundamental
Comment: Oil fell below $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week. However, Oil is finding support as a surge in natural gas prices globally prompts power producers to move away from gas. Generators in Pakistan, Bangladesh and the Middle East have started switching fuels.
Analysis: SCRUM Team
