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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 114.33 with take profit at 115.14
Bearish Preference:
Sell position is envisaged if price trades below 111.22 with take profit at 110.34
Fundamentals:
No Major Fundamental
Comment:
Oil prices were stable on Monday, struggling to reverse last week’s losses as the market balanced tightening supplies with concerns about slowing global economic growth. Tight refined products markets have supported oil prices. Analysts expect limited summer increases from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known collectively as OPEC+.
Analysis: SCRUM Team
