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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 91.39 with take profit at 92.01.
Bearish Preference:
Sell position is envisaged if price trades below 90.12 with take profit at 89.38.
Fundamentals:
There is no strong fundamental in direct bearing with this commodity.
Comment:
Crude oil demand in China, the world’s largest oil importer, is rebounding, having been dampened by strict COVID-19 restrictions. At least three Chinese state oil refineries and a privately run mega refiner are considering increasing runs by up to 10% in October from September, eyeing stronger demand and a possible surge in fourth-quarter fuel exports.
Analysis: SCRUM Team
