Instrument: OILS
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 78.28 with take profit at 78.66
Bearish Preference:
A sell position is envisaged if the price trades below price 77.18 with take profit at 76.94
Fundamentals:
No Major Fundamental
Comment:
Crude oil streaked higher overnight as sentiment was given a boost by the rescue of SVB Financial announced by the Federal Deposit Insurance Corporation (FDIC). A sinking US Dollar and supply concerns also appear to have provided some impetus for the lift. The sale of SVB to First–Citizens Bank & Trust Company has allayed concerns of contagion of banking problems for now. The statement from the FDIC highlighted mismanagement as the key cause for the demise of the tech industry focussed bank.
Analysis: SCRUM Team
