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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 104.55 with take profit at 105.14.
Bearish Preference:
Sell position is envisaged if price trades below 102.41 with take profit at 101.57 .
Fundamentals:
None with high impact
Comment:
Both Brent and WTI last week registered their biggest weekly declines for about a month on fears of a recession that would hit oil demand. Mass COVID-testing exercises continue in parts of China this week, raising concerns over oil demand from the world’s second-largest oil consumer.
Analysis: SCRUM Team
