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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 88.64 with take profit at 88.92.
Bearish Preference:
Sell position is envisaged if price trades below 87.92 with take profit at 87.62.
Fundamentals:
No Major Fundamental
Comment: Oil prices fell on Thursday as the U.S. dollar strengthened following signs that the U.S. Federal Reserve will tighten monetary policy in the world’s biggest oil user. Dollar-denominated oil becomes more expensive for buyers using other currencies when the greenback gains. Investors also continue to monitor U.S.-Russia tensions over Ukraine, as fears of disruptions of natural gas to Europe continue to rise. However, continued supply challenges and mounting Russia-Ukraine tensions continue to support crude oil prices. It is down slightly today but I think it is nothing more than a technical move
Analysis: SCRUM Team
