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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 84.05 with take profit at 84.43
Bearish Preference:
Sell position is envisaged if price trades below 82.98 with take profit at 82.60 it at 85.74
Fundamentals:
No high impact fundamental
Comment:
Crude oil slipped lower in the US session overnight but has steadied through Asia today as markets consider the implications of strong US data. The US Dollar gained after the ISM services index came in at 56.5 rather than the 54.4 anticipated for November. Factory orders and durable goods orders also beat expectations at 1.0% and 1.1% respectively for October. The data appeared to remind markets that the US economy is running near full capacity and that if the Fed wants to get inflation back under control, the bank will need to tighten financial conditions more than previously thought.
Analysis: SCRUM Team
