Instrument: OILs
Bullish Preference:
Buy position is envisaged if price trades above 81.06 with take profit at 81.28.
Bearish Preference:
Sell position is envisaged if price trades below 80.52 with take profit at 80.33.
Fundamentals:
None with Expected High Impact
Comment:
Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment.
The U.S. Energy Information Administration (EIA) said last week crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall.
Analysis: SCRUM Team