Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 78.18 with take profit at 78.65.
Bearish Preference:
A sell position is envisaged if the price trades below 77.77 with take profit at 77.22.
Fundamentals:
1:30pm
USD Advance GDP q/q
USD Unemployment Claims
Comment:
Oil prices stabilized today, with a much larger-than-expected drop in weekly U.S. crude inventories helping to balance out concerns slowing economic growth will hit future oil demand. U.S. crude stocks fell by 5.1 million barrels last week, following a 4.6M barrel draw in the prior week and below the expected 1.5M barrel decrease, according to data from the Energy Information Administration, released yesterday.
Analysis: SCRUM Team