Buy position is envisaged if price trades above 109.90 with take profit at 110.17
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