Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 113.68 with a take profit at 114.15.
Bearish Preference:
Sell position is envisaged if price trades below 112.53 with a take profit at 112.14.
Fundamentals:
No Major Fundamental
Comment:
Volatility in energy markets is a feature of current trading conditions and likely won’t dissipate anytime soon. Having already traded in a 38% range over the past four weeks, crude oil prices swung higher last week, adding +10.5% There is a litany of factors that are feeding into volatility across energy markets. The European Union’s proposed ban on Russian oil imports in response to the ongoing invasion of Ukraine has spurred concerns of even more constrained global energy supplies, to which OPEC has already warned against.
Analysis: SCRUM Team