Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 81.55 with take profit at 81.83
Bearish Preference:
A Sell position is envisaged if the price trades below 80.58 with take profit at 80.37
Fundamentals:
No major fundamental
Comment:
Fears of a slowdown in the U.S. economy have pressured crude oil prices, setting them for what could end up being their worst weekly performance in five weeks. The slide began on Wednesday and accelerated on Thursday, after Federal Reserve chairman Jerome Powell said the U.S. central bank would continue with its rate hikes as a means of controlling inflation, signaling these hikes will be large and possibly more frequent than the ones deployed so far.
Analysis: SCRUM Team
