Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 95.15 with take profit at 95.63
Bearish Preference:
A Sell position is envisaged if price trades below price 93.45 with take profit at 93.03
Fundamentals:
No major fundamental
Comment:
Crude oil prices rose to start the week as a softer US Dollar and supply concerns supported buying. However, West Texas Intermediate (WTI) and Brent crude prices are pulling back through Asia-pacific trading. A breakdown in negotiations between Tehran and Washington helped drive prices higher. Iran’s response to a proposal presented by the European Union disappointed Western leaders.
Analysis: SCRUM Team
