Instrument: OILS
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 79.85 with take profit at 80.06
Bearish Preference:
A Sell position is envisaged if the price trades below 78.94 with take profit at 98.71
Fundamentals:
None with High Impact
Comment:
crude oil prices fell 2.55% on Monday as market volatility remained elevated in the fallout of last week’s collapse of Silicon Valley Bank. Since last Wednesday, the commodity is down about 3.3%. Sentiment-linked crude oil was and may continue to remain vulnerable in the coming days/weeks/months as traders assess the likelihood of the United States economy entering a recession. Despite steps taken by the government to shore up confidence in the banking system, investors punished regional bank stocks on Monday.
Analysis: SCRUM Team
