Instrument: OILs+
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 84.98 with take profit at 85.09
Bearish Preference:
A sell position is envisaged if the price trades below price 84.65 with take profit at 84.54
Fundamentals:
No major Fundamentals
Comment:
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 64 cents, or 0.8%, to $84.82 a barrel Data from China showed that consumer inflation in March hit the slowest pace since September 2021, suggesting demand weakness persists amid an uneven economic recovery, which spurred expectations Beijing may take steps to boost growth.
Analysis: SCRUM Team