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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 103.95 with take profit at 104.34
Bearish Preference:
Sell position is envisaged if price trades below 101.89 with take profit 101.50
Fundamentals:
No major Fundamentals
Comment:
Oil prices fell about $1 on Friday, ahead of a meeting of consuming nations to discuss a new release of emergency oil reserves alongside a huge planned release by the United States. U.S. West Texas Intermediate (WTI) crude futures were down $1.02 at $99.26 a barrel by 0629 GMT, after trading as high as $101.75. The contract slumped 7% on Thursday.
Analysis: SCRUM Team
