Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 108.80 with take profit at 109.17
Bearish Preference:
Sell position is envisaged if price trades below 107.51 with take profit at 107.11
Fundamentals:
None with high impact on the commodity.
Comment:
Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai’s extended lockdown. The growing supply concerns erased earlier price falls due to a stronger dollar, which makes oil more expensive for holders of other currencies, and a surprise build in U.S. crude stockpiles.
Analysis: SCRUM Team