Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 85.74 with take profit at 86.05
Bearish Preference:
A Sell position is envisaged if the price trades below 85.39 with take profit at 85.10
Fundamentals:
No Major Fundamental
Comment:
Oil prices fell on Monday amid anticipation of economic cues from key U.S. inflation data due this week, with markets largely looking past a cut in Russian supply as fears of a global economic slowdown and a staggered Chinese recovery persisted. Crude prices had rallied sharply last week, with a bulk of gains coming on Friday after Russia said it will cut supply by 500,000 barrels per day in response to western price curbs imposed on its exports over the Ukraine conflict.
Analysis: SCRUM Team
