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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 80.24 with take profit at 80.55
Bearish Preference:
Sell position is envisaged if price trades below 78.68 with take profit at 78.35
Fundamentals:
No Major Fundamental
Comment: Oil prices dropped for a second session on Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs. Global oil prices have jumped more than 50% this year, adding to inflationary pressure that could slow recovery from the COVID-19 pandemic and impact consumer demand. Natural gas and coal prices have also climbed. The Organization of the Petroleum Exporting Countries and allies (OPEC+) said on Monday it would stick to its pact for a gradual increase in oil output, sending crude prices to multi-year highs.
Analysis: SCRUM Team
