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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 113.83 with take profit at 114.46
Bearish Preference:
Sell position is envisaged if price trades below price 112.94 with take profit at 112.49
Fundamentals:
No Major Fundamental
Comment:
Oil was little changed on Monday as fears of a global recession that would hit demand were balanced by concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia. Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. U.S. consumer sentiment hit a record low in June.
Analysis: SCRUM Team
