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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 88.78 with take profit at 88.97.
Bearish Preference:
Sell position is envisaged if price trades below 87.37 with take profit at 87.09.
Fundamentals:
No major fundamental
Comment: Oil prices rose for a fourth day on Wednesday as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates. Turkey’s state pipeline operator said it put out a blaze following an explosion that cut oil flow at the Kirkuk-Ceyhan pipeline, adding that it would be operational “as soon as possible”. The cause of the explosion is not known.
Analysis: SCRUM Team
