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Instrument: OILs
Technical Analysis
Bullish Preference:
A buy is envisaged if price trades above 67.15 with take profit at 67.41.
Bearish Preference:
A sell is envisaged if price trades below 66.23 with take profit at 65.93.
Fundamentals:
None with high Impact
Comment: Oil futures pulled back Friday, with weakness tied to worries over the global economic outlook, but remained on track for weekly and monthly gains. Today concerns over rising COVID cases are raising their head again as the COVID crisis in India, the world’s third-largest importer of oil, continues to escalate and, in fact, shows no signs of abating. India reported 386,452 new cases in a single day, breaking a record it set a day ago, according to the Indian Health Ministry, and 3,498 deaths. That said, strong economic data out of the U.S. and expectations for strengthening activity around the world in coming months has helped crude rally in April.
Analysis: SCRUM Team
