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Instrument: OIL
Bullish Preference:
Buy position is envisaged if price trades above 89.77 with take profit at 90.17
Bearish Preference:
Sell position is envisaged if price trades below 86.64 with Take profit at 85.82
Fundamentals:
All Day All OPEC-JMMC Meetings
Comment:
Oil prices dipped in mid-morning trade in Asia earlier today as the market awaits the ministerial meeting of OPEC+ where the officials will discuss production policy.
Most observers seem to expect no change to the current approach to price control although a couple of analysts have speculated that the Saudis might decide to start rolling back their voluntary production cuts.
Analysis: SCRUM Team
