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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 107.74 with take profit at 108.27
Bearish Preference:
Sell position is envisaged if price trades below 105.98 with take profit at 105.72
Fundamentals:
No major fundamemtal
Comment:
Oil prices are pacing higher on Tuesday through Asia-Pacific trading as energy prices extend gains from April amid supply concerns stemming from Russian products. The European Union (EU) is reportedly drafting an embargo on Russian oil exports. Hungary and Slovakia, two members highly dependent on that oil, would likely be given an exemption under the embargo. That would help ease some supply pressures in Europe overall, but the net impact would likely push oil prices higher.
Analysis: SCRUM Team
