Daily Market Analysis 23.05.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 111.64 with take profit at 112.11
Bearish Preference: 
Sell position is envisaged if price trades below 110.10 with take profit at 109.68
No Major Fundamental

Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown that fueled worries about a sharp slowdown in growth. A weaker U.S. dollar also sent oil higher on Monday, as that makes crude cheaper for buyers holding other currencies. Market gains have been capped, however, by concerns about China’s efforts to crush COVID-19 with lockdowns, even with Shanghai due to reopen on June 1.

Analysis: SCRUM Team

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