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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 86.76 with take profit at 87.04.
Bearish Preference:
Sell position is envisaged if price trades below 86.19 with take profit at 85.89.
Fundamentals:
No major fundamental
Comment: Crude oil managed to hold onto Friday’s gains as economic data in Asia had some good news in it and stimulus measures from the PBOC helped the outlook. Chinese GDP printed at 4.0% year-on-year for the fourth quarter against expectations of 3.3% and 4.9% previously. This gave a full-year read of 8.1%.
Analysis: SCRUM Team
