Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 106.27 with take profit at 107.12
Bearish Preference:
Sell position is envisaged if price trades below 104.43 with take profit at 103.95
Fundamentals:
No major Fundamental.
Comment:
Oil traded below $105 on Friday after Biden announced the largest-ever supply release from US emergency reserves. Technically, the trend bias remains constructive given the absence of sequentially lower highs and lows. That prices remain at similar levels observed before the invasion of Ukraine seems to signal sustained bullish intent. Finally, the weekly RSI has receded from overbought territory, which may help clear the way for bullish continuation.
Analysis: SCRUM Team