Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 81.09 with take profit at 81.21
Bearish Preference:
Sell position is envisaged if price trades below 80.65 with take profit at 80.53
Fundamentals:
No major fundamental
Comment: Oil retains a bullish outlook if the forecast horizon is several months, but the journey higher is not likely to be a smooth ride. In the very near term, volatility will remain elevated and temporary pullbacks should be expected as the U.S. government feuds with OPEC+ to nudge the cartel to ramp up production and threatens to draw on supplies from the Strategic Petroleum Reserves (SPR) to keep a lid on crude prices and bring down the cost of gasoline at the pump.
Analysis: SCRUM Team