Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 83.11 with take profit at 83.36
Bearish Preference:
Sell position is envisaged if price trades below 82.34 with take profit at 82.13
Fundamentals:
No major fundamental
Comment: Crude prices edged higher Thursday, rebounding after the previous session’s losses on concerns the sharp rise in U.S. inflation, boosted by high energy costs, will prompt the Biden administration to release more strategic stockpiles. Inventories of gasoline and distillates continued to fall, the U.S. Energy Information Administration said on Wednesday, while crude stockpiles rose just over 1 million barrels after the government released 3.1 million barrels from the Strategic Petroleum Reserve.
Analysis: SCRUM Team