Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 85.18 with a take profit at 86.04.
Bearish Preference:
A sell position is envisaged if the price trades below price 83.05 with take profit at 82.39.
Fundamentals:
None with High Impact.
Comment:
Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets. The Organization of the Petroleum Exporting Countries and their allies including Russia shook markets by announcing further production cuts of about 1.16 million barrels per day (bpd) on Sunday.
Analysis: SCRUM Team