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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 93.38 with take profit at 93.69 .
Bearish Preference:
Sell position is envisaged if price trades below 93.00 with take profit at 92.67.
Fundamentals:
No major Fundamental.
Comment: Crude oil prices soared about 5.9 percent this past week, bringing the commodity to close out at a new 2022 peak, as well as the highest close since September 2014. Oil has rallied almost 50 percent since finding a bottom in December, extending the broader uptrend since 2020. Is the commodity setting itself up to resume gains in the week ahead.
Analysis: SCRUM Team
