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Instrument: OILS
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 76.02 with take profit at 76.45
Bearish Preference:
A sell position is envisaged if the price trades below price75.13 with take profit at 74.71
Fundamentals:
None with High Impact
Comment:
Oil prices rose on Monday as investors assessed efforts by authorities to rein in concerns over the global banking system while Russian President Vladimir Putin’s plans to place tactical nuclear weapons in Belarus ratcheted up tensions in Europe. Oil prices also drew support from Putin’s plans to station tactical nuclear weapons in Belarus. The move is one of Russia’s most pronounced nuclear signals yet and a warning to NATO over its military support for Ukraine, which has called for a meeting of the U.N. Security Council in response. NATO slammed Putin for what it called his “dangerous and irresponsible” nuclear rhetoric. Russia’s Deputy Prime Minister Alexander Novak has said that Moscow is close to achieving its target of cutting crude output by 500,000 barrels per day (bpd) to about 9.5 million bpd.
Analysis: SCRUM Team
