Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 85.26 with take profit at 85.43
Bearish Preference:
Sell position is envisaged if price trades below 84.75 with take profit at 84.59
Fundamentals:
No major fundamental
Comment: Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. OPEC has not increased output as quickly as expected in October, which led to a rise in oil prices in the London trading session on Tuesday morning. In contrast, China increased its operating rates to meet a spike in diesel demand.
Analysis: SCRUM Team