Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 85.39 with take profit at 85.53.
Bearish Preference:
Sell position is envisaged if price trades below 84.70 with take profit at 84.56.
Fundamentals:
No major fundamental
Comment: Oil prices edged lower on Tuesday after rising earlier in the day and analysts said prices were set to sustain a rally driven by strong demand in the United States, the world’s biggest consumer of oil and its products. While China’s red-hot power and coal markets have cooled somewhat after government intervention, energy prices remain elevated worldwide as temperatures fall with the onset of the northern winter.