Instrument: Oil
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 50.56 with a take profit 50.96.
Bearish Preference:
Enter a Sell position if price trades below 50.04 with take profit at 49.60
Fundamentals:
no major economic data with direct bearing to this commodity.
Comment: Oil has been caught in a string of bad news, as top traders and investors where caught in a global corruption scandal. Vitol Group, the world’s largest oil trading firm agreed to pay $164 million in fines and disgorgement for oil bribes in Brazil, Mexico and Ecuador. Apart from the bribery cases there are cases that some top oil traders are in the practice of cooking books. This corruption case cause investors to panic and divest in oil, there by making oil to trade lower over the weekend, but as the world economy gets back to normal thanks to the COVID vaccines, we expect the price of oil to test within the $60 region.
Analysis: SCRUM Team