Skip to content 
Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 117.58 with take profit at 118.83.
Bearish Preference:
Sell position is envisaged if price trades below 112.32 with take profit at 110.28
Fundamentals:
No Major Fundamental
Comment:
Oil prices rose on Thursday in volatile trade following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine. Uncertainty over where and when supply will come from to replace crude from the world’s second-largest exporter Russia in a tight market has led to wide-ranging forecasts for oil prices between $100 and $200 a barrel.
Analysis: SCRUM Team
