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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 95.46 with take profit at 96.05
Bearish Preference:
Sell position is envisaged if price trades below 93.52 with take profit at 93.04
Fundamentals:
No major fundamental
Comment:
Brent crude oil prices plunged lower to start the week after traders digested the downbeat US and Chinese economic data. In Asia, China’s industrial production and retail sales data for July missed analysts’ expectations, with industrial production rising 3.8% y/y versus 4.6% expected and retail sales increasing 2.7% y/y against 5.0% expected. The People’s Bank of China (PBOC) cut its medium-term lending facility by 10 basis points, signaling renewed appetite to support economic growth. However, the move failed to allay recession woes among commodity traders.
Analysis: SCRUM Team
