Instrument: OIL
Bullish Preference:
A Buy position is envisaged if the price trades above 77.73 with take profit at 78.57
Bearish Preference:
A Sell position is envisaged if the price trades below 76.46 with take profit at 75.47
Fundamentals:
No major fundamental.
Comment:
Oil prices rose slightly in Asian trade on Wednesday, after posting losses for four sessions, as investors weighed the effectiveness of an extension in OPEC+ cuts on tightening supplies against worries of a worsening demand outlook in China.
“The only positive news over the last couple of days has been Saudi and Russian officials stating that the OPEC+ cuts could be extended or deepened depending on market situations prevailing,” said Suvro Sarkar, energy sector team lead at DBS Bank. “Beyond this … we do not see any positive catalysts for oil price in the near term.”
Analysis: SCRUM Team