Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 70.86 with a take profit at price 71.21.
Bearish Preference:
A Sell position is envisaged if price trades below 69.86 with take profit at price 69.51.
Fundamentals:
No Major Fundamentals
Comment: Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July while expecting a robust recovery in demand in the United States and China, the world’s two biggest oil consumers.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, agreed on Tuesday to keep to their plan to gradually ease supply curbs through July.
Analysis: SCRUM Team