Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 106.59 with take Profit at 107.21.
Bearish Preference:
Sell position is envisaged if price trades below price 103.54 with take Profit at 102.93.
Fundamentals:
No major fundamentals
Comment:
Oil prices edged slightly higher in volatile Asian trade on Friday, reversing earlier losses as the market weighed up the tight global supply concerns against recession fears. Western bans on Russian oil and gas output have kept global energy prices buoyed, while other major producers have yet to significantly boost to supplies.
Analysis: SCRUM Team
