Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 74.24 with take profit at 74.39.
Bearish Preference:
Sell position is envisaged if price trades below 73.51 with take profit at 73.29.
Fundamentals: No major fundamental.
Comment: Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast. More than 40% of the U.S. Gulf’s oil and gas output remained offline on Monday, two weeks after Ida slammed into the Louisiana coast.
Analysis: SCRUM Team