Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 70.13 with take profit at 70.32.
Bearish Preference:
Sell position is envisaged if price trades below 69.12 with take profit at 68.75.
Fundamentals:
None with high Impact
Comment: The black stuff has already risen over 4% so far this week. A record fall in US crude inventories and growing optimism that the economic reopening in the US and Europe will drive fuel demand is lifting oil prices higher. The oil market appears to have turned a critical corner towards demand normalisation. Rising Covid cases in India and an extended lockdown in Japan will remain on the oil market’s radar but show no signs of holding the bulls back for now.
Analysis: SCRUM Team