Instrument: OILs
Bullish Preference:
Buy position is envisaged if price trades above 92.07 with take profit at 92.39
Bearish Preference:
Sell position is envisaged if price trades below 91.34 with take profit at 91.11
Fundamentals:
1:30pm USD Unemployment Claims
Comment:
Oil prices fell on Thursday, after posting the largest decline in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. The U.S. Federal Reserve maintained interest rates after its Federal Open Market Committee (FOMC) meeting, but stiffened its hawkish stance with a rate increase projected by year-end which could dampen economic growth and overall fuel demand.
Analysis: SCRUM Team
