Instrument: OIL
Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 61.34 with take profit at 61.55
Bearish Preference:
Sell is envisaged if price trades below 60.80 with take profit at 60.37
Fundamentals:
No fundamentals
Comment: Global COVID-19 vaccine rollouts that began at the end of 2020, large stimulus packages and cuts in supply by producers have all given oil a boost. Saudi Arabia, the world’s top exporter, unilaterally reduced supply for February and March earlier in the year. The cuts were in addition to cuts made by other members of the Organization of the Petroleum Exporting Countries (OPEC) and allies, or OPEC+.
Analysis: SCRUM Team