Daily Market Analysis 24.05.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 109.90 with take profit at 110.17
Bearish Preference: 
Sell position is envisaged if price trades below 108.91 with take profit at 108.66
No Major Fundamental

Crude oil prices remain in a fairly consolidative state. A bearish Evening Star candlestick pattern formed last week, offering a preliminary reversal signal. However, downside follow-through has been noticeably absent, undermining the Evening Star. Immediate resistance appears to be the 113.72 – 116.61 zone that was established in late March.

Analysis: SCRUM Team

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