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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy is envisaged if price trades above 45.61 with take profit at 46.12.
Bearish Preference:
Sell is envisaged if price trades below 44.96 with take profit at 44.46.
Fundamentals:
No Major Fundamentals
Comment: Brent prices rose as investor and traders eyed a recovery in crude oil demand, thanks to the successful corona-virus vaccine trials, also a believe that OPEC + would keep output in check added to the optimism. On the daily’s we have seen that prices broke the 200 EMA, this could signify a major bullish run for the instrument. As the possibility of major economies rescinding the lock-down and demand for oil looks to increase in the upcoming days.
Analysis: SCRUM Team
