Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 101.45 with take profit at 102.35
Bearish Preference:
Sell position is envisaged if price trades below 99.61 with take profit at 98.84
Fundamentals:
No major Fundamental.
Comment:
The price of oil spiked to a fresh yearly high ($130.50) in March amid the disruptions caused by the Russia-Ukraine war. Current market conditions may lead to higher crude prices as expectations for strong demand are met with indications of limited supply. Brent crude oil prices fell for a second week amid growing concerns over the global economic rebound. A more aggressive Federal Reserve outlook amplified the worry following the recent series of yield curve inversions
Analysis: SCRUM Team