Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 79.44 with take profit at 79.64
Bearish Preference:
Sell position is envisaged if price trades below 78.53 with take profit at 78.28
Fundamentals:
ALL DAY OPEC Meetings
Comment: Asian equities were mostly softer today, despite a strong lead from the US on Friday. Uncertainties around Evergrande, OPEC+ and high energy price impacts appeared to weigh on investors’ minds. Mainland China are on holidays for Golden Week. The US session was buoyed by upbeat data. Personal spending, PCE core deflator, University of Michigan consumer sentiment, as well as manufacturing PMI and ISM numbers were all slightly better than expected.
Analysis: SCRUM Team