Instrument: OILs
Technical Analysis
Bullish Preference:
Buy is envisaged if price trades above 50.15 with take profit at 50.87.
Bearish Preference:
Sell is envisaged if price trades below 49.61 with take profit at 48.81.
Fundamentals:
No Major Fundamentals
Comment: Oil prices fell on Tuesday due to tighter lockdown in Europe and a forecast for a slower recovery in demand next year outweighed relief from vaccination roll outs and concerns about a flare-up of tension in the Middle East. Europe mega cities have implemented lockdown strategies that will see the closure of non-essential stores.
Analysis: SCRUM Team