Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 105.01 take profit at 106.91.
Bearish Preference:
Sell position is envisaged if price trades below 99.72 take profit at 97.82.
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment:
Oil prices rose over $1 on Wednesday, bouncing back after earlier declines, as Russia’s invasion of Ukraine continues to stoke volatile trading with ceasefire talks the latest market trigger. A rise in interest rates would strengthen the U.S. dollar and dampen oil demand, as a stronger greenback makes it more expensive for those holding other currencies.
Analysis: SCRUM Team