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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 93.43 with take profit at 93.76.
Bearish Preference:
Sell position is envisaged if price trades below 92.73 with take profit at 92.37.
Fundamentals:
No Major Fundamental
Comment:
Oil dropped from a seven-year high to around $94 a barrel on Tuesday, pressured by a report that some troops in Russia’s military districts adjacent to Ukraine are returning to bases, a move that could de-escalate tension between Moscow and the West. In other developments, the latest weekly reports on U.S. inventories are expected to show a drop in crude stocks, underlining a tight supply and demand balance.
Analysis: SCRUM Team
