Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 105.99 with Take Profit at 106.90
Bearish Preference:
Sell position is envisaged if price trades below 104.33 with Take Profit at 103.70
Fundamentals:
No major fundamental
Comment:
Oil prices rose as much as nearly 3% on Wednesday before paring some gains as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger. Norwegian government on Tuesday intervened to end a strike in the petroleum sector that had cut oil and gas output, a union leader and the labour ministry said, ending a stalemate that could have worsened Europe’s energy crunch.
Analysis: SCRUM Team
