Instrument: OILs+
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 84.62 with take profit at 85.20
Bearish Preference:
A sell position is envisaged if the price trades below price 83.68 with take profit at 83.33
Fundamentals:
No major Fundamentals
Comment:
Oil dropped on Wednesday as the market weighed potential interest rate hikes from the U.S. Federal Reserve that could slow growth and dampen oil consumption, offsetting falling U.S. inventories and strong Chinese economic data. Oil prices received a lift from an industry report showing U.S. crude stocks fell about 2.68 million barrels in the week ended April 14, market participants citing American Petroleum Institute figures said on Tuesday. [API/S] Inventories of gasoline and distillate also fell last week, the people said.
Analysis: SCRUM Team