Instrument: OILS
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 106.66 with take profit at 107.28
Bearish Preference:
Sell position is envisaged if price trades below 105.16 with take profit at 104.74
Fundamentals:
No major fundamental
Comment:
China’s COVID situation, rising rates and growing recession risks are not helping risk assets,” Warren Patterson, head of ING commodities research, said. Latest data showed China’s export growth had slowed to single digits, the weakest in almost two years, as the country extended lockdowns to curb the spread of COVID-19. Oil prices were boosted last week after the European Commission proposed a phased embargo on Russian oil. However, the approval has been delayed amid requests from Eastern European members for exemptions and concessions.
Analysis: SCRUM Team