Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 107.65 with take profit at 107.92
Bearish Preference:
Sell position is envisaged if price trades below 106.68 with take profit at 106.48
Fundamentals:
No high impact bearing to commodity.
Comment:
Oil prices extended losses on Friday, burdened by the prospect of interest rate hikes, weaker global growth and COVID-19 lockdowns in China hurting demand, even as the European Union weighed a ban on Russian oil.
Analysis: SCRUM Team