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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 108.62 with take profit at 109.18
Bearish Preference:
Sell position is envisaged if price trades below 105.81 with take profit at 105.24
Fundamentals:
All Day OPEC-JMMC Meetings
Comment:
Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR. U.S. President Joe Biden will give remarks later on Thursday regarding his administration’s actions aimed at lowering gasoline prices that have risen to records following Russia’s invasion of Ukraine.
Analysis: SCRUM Team
