Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 102.94 with take profit at 104.73.
Bearish Preference:
A Sell position is envisaged if price trades below 99.56 with take profit at 97.90.
Fundamentals:
2:30pm USD Prelim GDP q/q
USD Unemployment Claims
Comment:
Ukraine and Russia Russian forces invaded Ukraine by land, air and sea on Thursday, confirming the worst fears of the West with the biggest attack by one state against another in Europe since World War Two. The prospect of war and sanctions disrupting energy and commodities markets posed an immediate threat to a global economy barely emerging from the pandemic. Stocks and bond yields plunged, while the dollar and gold rocketed higher. Brent oil surged past $100/barrel for the first time since July and August 2014 Russia is the third-largest oil producer and second-largest oil exporter. Given low inventories and dwindling spare capacity, the oil market cannot afford large supply disruptions,
Analysis: SCRUM Team
