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Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 76.46 with take profit at 77.05.
Bearish Preference:
A sell position is envisaged if the price trades below 74.62 with take profit at 74.06.
Fundamentals:
None with High Impact
Comment:
Oil prices rose on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, started receding. Fears that the U.S. banking crisis will slow the economy and sap fuel demand in the world’s biggest oil-consuming nation drove the Brent benchmark down 5.3% last week.
Source: investing.com
