Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 67.83 with take profit at 68.09.
Bearish Preference:
Sell position is envisaged if price trades below 67.20 with take profit at 66.97.
Fundamentals:
None with high Impact
Comment: Oil inched up early Tuesday morning in Asia as investors remained optimistic the continued economic recovery in regions such as Europe and the U.S. will boost fuel demand. However, ever-increasing numbers of COVID-19 cases in other regions put a cap on the black liquid’s gains.
Oil has jumped in 2021 as investors bet that the COVID-19 vaccinations would help it return to pre-COVID-19 levels.
Analysis: SCRUM Team