Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 116.46 with take profit at 116.96
Bearish Preference:
Sell position is envisaged if price trades below 114.16 with take profit at 113.70
Fundamentals:
No Major Fundamental
Comment:
After a brief hiatus, the oil price rally is back on track. Crude oil closed with its seventh straight weekly gain Oil prices rose on Tuesday, clawing back more of last week’s losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. Brent crude futures rose 81 cents, or 0.7%, to $114.94 a barrel at 0703 GMT, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five.
Analysis: SCRUM Team