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Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 84.66 WithTake profit at 85.28
Bearish Preference:
A sell position is envisaged if the price trades below 82.93 with Take profit at 82.16
Fundamentals:
Day 2 BRICS Summit
Comment:
Oil prices ticked up in Asian trade on Wednesday, as traders weighed weak demand indicators from top importer China and the prospect of further U.S. rate hikes against potential supply tightness. Markets await hints on the outlook for interest rates when Federal Reserve officials and policy makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, for an annual meeting later this week.
Analysis: SCRUM Team
