Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 88.02 with take profit at 88.56
Bearish Preference:
Sell position is envisaged if price trades below 86.31 with take profit at 85.82
Fundamentals:
No high impact fundamental
Comment:
Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices. Demand in China, the world’s top crude importer, remains bogged down by COVID restrictions while expectations of further interest rate rises elsewhere have elevated the greenback, making dollar-denominated commodities more expensive for investors.
Analysis: SCRUM Team