Instrument: OILS+
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 86.47 with take profit at 86.66
Bearish Preference:
A Sell position is envisaged if the price trades below 86.00 with take profit at 85.82
Fundamentals:
No Major Fundamental
Comment:
Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be cancelled or delayed. The U.S. Department of Energy (DOE) said after the previous session ended that it would sell 26 million barrels of oil from the SPR, a release that would likely push the reserve to its lowest level since 1983.
Analysis: SCRUM Team
