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Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 69.75 with a take profit at price 70.05.
Bearish Preference:
A Sell position is envisaged if price trades below 68.85 with take profit at 68.63
Fundamentals:
No major fundamental.
Comment: Crude oil prices traded slightly higher during the Asia-Pacific mid-day session after registering a 4.3% gain last week. Market participants are trying to strike a balance between rising demand from the world’s largest economies and potentially higher output from Iran as well as new Covid-19 outbreaks in the Asia-Pacific region.
Analysis: SCRUM Team
