Daily Market Analysis 19.05.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 109.52 with take profit at 110.54
Bearish Preference: 
Sell position is envisaged if price trades below 107.89 with take profit at 107.12
No high impact fundamentals affecting the instrument.

European stock markets traded sharply lower Thursday, continuing the global selloff with investors unnerved by fears over widespread inflation and a potential global economic slowdown.
Fear returns to the stock markets, after yesterday’s sharp fall on Wall Street due to the collapse of technology companies and fears of recession. Morgan Stanley raises this probability from 5% to 27%.

Analysis: SCRUM Team

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