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Instrument: OILS
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 103.96 with Take Profit at 105.01
Bearish Preference:
Sell position is envisaged if price trades below 101.55 with Take Profit at 99.76
Fundamentals:
No major fundamentals in direct bearing to this instrument.
Comment:
Oil prices fell by more than $5 on Thursday after higher U.S. gasoline stockpiles stoked demand worries and returning energy supply from Libya and Russia eased supply concerns. U.S. gasoline inventories rose by 3.5 million barrels last week, government data showed on Wednesday, far exceeding analyst forecasts.
Analysis: SCRUM Team
