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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 73.95 with take profit at 74.14.
Bearish Preference:
Sell position is envisaged if price trades below 73.30 with take profit at 73.13.
Fundamentals:
None with a high impact on the Commodity.
Comment: Crude oil prices extended higher during Monday’s Asia-Pacific mid-day session amid a broad pullback in equities. Another round of fruitless nuclear talks between Iran and world powers boosted oil prices as concerns surrounding additional Iranian output receded. Meanwhile, a slight retreat in the DXY US Dollar index also alleviated pressure on commodity prices.
Analysis: SCRUM Team
