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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 109.90 with take profit at 110.17
Bearish Preference:
Sell position is envisaged if price trades below 108.91 with take profit at 108.66
Fundamentals:
No Major Fundamental
Comment:
Crude oil prices remain in a fairly consolidative state. A bearish Evening Star candlestick pattern formed last week, offering a preliminary reversal signal. However, downside follow-through has been noticeably absent, undermining the Evening Star. Immediate resistance appears to be the 113.72 – 116.61 zone that was established in late March.
Analysis: SCRUM Team
