Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 70.44 with take profit at 70.72.
Bearish Preference:
Sell position is envisaged if price trades below 69.42 with take profit at 69.13.
Fundamentals:
No Major Fundamental
Comment: Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as the rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries. Crude oil inventories are expected to have fallen by about 1.1 barrels in the week to Aug. 6, according to the average estimate of six analysts polled by Reuters.
Analysis: SCRUM Team