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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 79.90 with take profit at 80.70
Bearish Preference:
Sell position is envisaged if price trades below 78.57 with take profit at 77.62
Fundamentals:
4pm CAD BOC Rate Statement
Comment:
Oil futures edged slightly higher on Wednesday on hopes for improved Chinese demand while uncertainty about how a Western cap on Russian oil prices would play out kept markets on edge after a sharp fall the previous session. Brent’s slump on Tuesday was the largest daily decline in prices since late September, which have traded in a $62 range this year. Expectations of rising China demand continued to be a positive driver, as the country posted fewer new COVID-19 infections for two consecutive days.
Analysis: SCRUM Team
