Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 97.50 with Take Profit at 98.70
Bearish Preference:
Sell position is envisaged if price trades below 96.10 with Take Profit at 95.20
Fundamentals:
No major fundamental
Comment:
OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter. Three sources, speaking on condition of anonymity because of the sensitivity of the issue, said Saudi Arabia and the UAE could pump “significantly more”, but would only do so if the supply crisis worsened.
Analysis: SCRUM Team