Instrument: OILs
Bullish Preference:
A buy position is envisaged if the price trades above 94.97 with take profit at 95.56
Bearish Preference:
A sell position is envisaged if the price trades below 93.75 with take profit at 93.00
Fundamentals:
None with High Impact
Comment:
Oil prices climbed on Monday, extending a recent rally that has been driven by expectations for a tighter crude market, while traders also looked ahead to the crucial central bank policy-setting meetings. The crude benchmarks have risen by over 30% over the past three months in the wake of supply cuts from Saudi Arabia and Russia, which could push the market into a substantial deficit in the fourth quarter. Meanwhile, investors will be carefully watching this week’s series of interest rate decisions and subsequent statements from policymakers, as well as fresh economic data out of top oil importer China.
Analysis: SCRUM Team