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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 68.36 with take profit at 68.64.
Bearish Preference:
Sell position is envisaged if price trades below 67.91 with take profit at 67.63.
Fundamentals:
No major fundamental
Comment: Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as investors tempered expectations of an early return of oil exporter Iran to international crude markets.
Still, the global recovery from the COVID-19 pandemic is patchy, indicating a mixed outlook for oil demand.
Parts of Europe and the United States are recording fewer infections and deaths, prompting governments to ease restrictions, but in other areas such as India – the world’s third-biggest oil importer – rates are still high.
Analysis: SRUM Team
