Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 75.41 with take profit at 75.61.
Bearish Preference:
Sell position is envisaged if price trades below 74.77 with take profit at 74.53.
Fundamentals:
None with a high impact on the commodity.
Comment: Oil was mixed Wednesday morning in Asia, but remained above the $73 mark, as a production dispute between Saudi Arabia and the United Arab Emirates (UAE) continues. The dispute has stalled efforts by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to raise production as the fuel demand outlook brightens.
Analysis: SCRUM Team