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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 89.80 with take profit at 90.00.
Bearish Preference:
Sell position is envisaged if price trades below 89.33 with take profit at 89.09.
Fundamentals:
No Major Fundamental
Comment: Crude oil has continued on from last week’s gain in Asian trade on Monday. With northern hemisphere storms brewing, geopolitical concerns, supply constraints and option hedging all in play, the energy commodity appears to have little choice for now. Tensions continue to rise around the Ukraine-Russian border as Moscow orders more troops to the area. A conflict in this region could undermine European energy sources and has added to global oil supply concerns.
Analysis: SCRUM Team
