Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 121.75 with take profit at 123.17
Bearish Preference:
Sell position is envisaged if price trades below price 19.40 with take profit at 118.63
Fundamentals:
No Major Fundamental
Comment:
Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply. Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium, the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia.
Analysis: SCRUM Team