Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 94.72 with take profit at 95.41.
Bearish Preference:
Sell position is envisaged if price trades below 92.72 with take profit at 92.00.
Fundamentals:
None with high impact on the commodity
Comment:
Oil prices took a breather on Wednesday after surging to seven-year highs the previous session as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies. Further dampening prices was the possible return of more than 1 million barrels per day of crude from Iran, as diplomats said Iran and world powers were on the verge of reaching an agreement to curb Tehran’s nuclear programme.
Analysis: SCRUM Team