Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 91.15 with take profit at 91.56
Bearish Preference:
A sell position is envisaged if price trades below price 89.75 with take profit at 89.32
Fundamentals:
None with high impact
Comment:
Oil prices dipped on Monday as fears of a global recession caused concerns that fuel demand growth will slow, though supply worries ahead of the European Union embargo on Russian oil in December limited declines. Both contracts climbed more than $1 earlier on Monday. Last week, oil futures slid more than 1% on concerns that another interest rate hike by the Federal Reserves could slow global growth.
Analysis: SCRUM Team
