Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 85.65 with take profit at 85.93
Bearish Preference:
A Sell position is envisaged if the price trades below 84.70 with take profit at 84.38
Fundamentals:
None with High Impact
Comment:
Oil prices retreated on Monday as a weaker-than-expected GDP forecast from China dented some optimism over a recovery in crude demand this year, while markets also hunkered down before a slew of cues on U.S. monetary policy this week. Crude prices were still riding strong gains from the prior week, following better-than-expected Chinese economic data and shifting bets on the path of U.S. monetary policy this year.
Analysis: SCRUM Team
