Instrument: OILS
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 114.48 with take profit at 115.30
Bearish Preference:
Sell position is envisaged if price trades below 112.56 with take profit at 112.09
Fundamentals:
All Day OPEC Meetings
Comment:
Oil rose more than 2% on Tuesday as concerns over tight supplies due to Western sanctions on Russia outweighed fears of that demand may slow in a potential future recession. Saudi Arabia and the United Arab Emirates have been seen as the only two members of the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity to make up for lost Russian supply. However, comments from UAE Energy Minister Suhail al-Mazrouei and French President Emmanuel Macron this week indicated little room for these producers to increase output further
Analysis: SCRUM Team