Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 109.95 with take profit at 111.32.
Bearish Preference:
Sell position is envisaged if price trades below 108.23 with take profit at 107.18.
Fundamentals:
No major fundamental
Comment:
Oil prices shed as much as $4 a barrel on Monday, extending last week’s decline as diplomatic efforts to end the war in Ukraine were stepped up and markets braced for higher U.S. rates. Both contracts have surged since Russia’s Feb. 24 invasion of Ukraine and are up roughly 40% for the year to date.
Analysis: SCRUM Team