Instrument: OILS
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 78.81 with take profit at 79.45
Bearish Preference:
A Sell position is envisaged if the price trades below 77.97 with take profit at 77.33
Fundamentals:
None with High Impact
Comment:
Oil prices rebounded more than 1% on Wednesday, recovering from the previous day’s plunge, as a stronger OPEC outlook on China’s demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. The oil market has bounced back on its own after the recent sharp losses,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd, adding some investors had taken advantage of the slide to hunt for bargains.
Analysis: SCRUM Team
