Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 97.95 with take Profit at 98.70
Bearish Preference:
Sell position is envisaged if price trades below 96.56 with take Profit at 95.78
Fundamentals:
No Major Fundamental
Comment:
Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand. Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian barrels because of Western sanctions amid the Ukraine conflict.
Analysis: SCRUM Team