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Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 102.44 with take profit at 102.93
Bearish Preference:
Sell position is envisaged if price trades below 101.21 with take profit at 100.78
Fundamentals:
No Major Fundamental
Comment:
Crude oil started the week on a positive note ahead of the Federal Reserve meeting this Wednesday, where the market anticipates that they will raise rates by 75- basis points (bps). The rhetoric from the Fed to quell damaging inflationary outcomes appears certain to lead toward an economic slowdown. The debate is centred around the potential recession and its scope and depth.
Analysis: SCRUM Team
