Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 71.40 with take profit at 71.87.
Bearish Preference:
Sell position is envisaged if price trades below 70.73 with take profit at 70.34.
Fundamentals:
No major fundamental
Comment: Crude oil prices went lower in the Asian session as risk assets came under pressure across the board. Markets were already worried about the impact of the spread of the Omicron variant before comments from Anthony Fauci, director of the US’ National Institute of Allergy and Infectious Diseases (NIAID). Mr. Fauci said that the US will likely see record numbers of COVID-19 cases, hospitalizations, and deaths in the weeks ahead due to the Omicron variant. OPEC+ said at their last meeting that they would react promptly if they felt it necessary, but markets are not anticipating any announcement soon.
Analysis: SCRUM Team