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Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 104.08 with take profit at 104.92.
Bearish Preference:
A Sell position is envisaged if price trades below 101.72 with take profit at 100.49.
Fundamentals:
No major Fundamental.
Comment:
Crude oil prices pushed higher, with the global benchmark Brent trading over the $100 a barrel level, on concerns that the sanctions levied on Russia, the second-largest crude producer in the world, will lead to substantial disruption in supplies. Major oil and gas companies, including BP and Shell, have already announced plans to exit Russian operations and joint ventures, and they are likely to be joined by other Western companies, deeming Russia’s actions in invading Ukraine unacceptable.
Analysis: SCRUM Team
