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Instrument: OIL
Bullish Preference:
Buy position is envisaged if price trades above 93.49 with take profit at 94.02
Bearish Preference:
Sell position is envisaged if price trades below 90.94 with take profit at 90.49
Fundamentals:
(Medium Impact News)
1:30pm USD Building Permits
5:00pm USD FOMC Member Waller Speaks
8:15pm USD FOMC Member Harker Speaks
Comment:
Oil prices are pumping higher on Wednesday, setting forward a positive return for this week. The main driver for Oil prices is the visit from US President Joe Biden to Israel, which could not have been at a worse timing. Biden landed around 08:00 GMT in Tel Aviv, hours after a hospital was bombed in Palestine with hundreds of casualties. Biden is left to take a stance in the conflict while trying to defuse tensions, with any wrong word having the potential to make the current conflict between Israel and Hamas become a feared proxy war.
Analysis: SCRUM Team
