Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 67.65 with take profit at 67.94.
Bearish Preference:
Sell position is envisaged if price trades below 66.20 with take profit at 65.89.
Fundamentals:
No major Fundamental
Comment: Oil prices fell for the sixth day, the longest losing streak since February 2020, as a spike in COVID-19 cases worldwide fuelled fears over slower fuel demand while a surprise build in U.S. gasoline inventories added to the pressure. Prices have fallen as investors remained worried over the increase in infections caused by the Delta variant of the coronavirus worldwide, with virus-related deaths in the United States, the world’s largest oil user, spiking over the past month.
Analysis: SCRUM Team