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Instrument: OILs+
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 85.30 with take profit at 85.46
Bearish Preference:
A sell position is envisaged if the price trades below price 84.95 with take profit at 84.81
Fundamentals:
No major Fundamentals
Comment:
Oil prices came under pressure yesterday on the back of a stronger USD. For today, all attention will be on Chinese 1Q23 GDP and March activity data. Energy – progress on Northern Iraqi oil exports Oil prices started the trading week on a weak footing. ICE Brent settled 1.8% lower yesterday with a stronger USD weighing on the market. In addition, there appears to be more progress in negotiations between the Iraqi and Kurdish governments, according to Reuters, which would see a resumption of oil flows from Northern Iraq via the Ceyhan export terminal in Turkey.
Analysis: SCRUM Team
