Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above114.06 with take profit at 114.67
Bearish Preference:
Sell position is envisaged if price trades below price 112.03 with take profit at 111.45
Fundamentals:
No Major Fundamental
Comment:
Brent oil prices dipped on Tuesday, reversing earlier gains of $1, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears and inflation concerns, highlighted by a potential production cut in Norway. Data from Baker Hughes, an energy technology company, showed one more oil rig was added to the end of last week in the US. Total rigs now stand at 595 versus 376 from a year ago. JP Morgan have reported that in the worst-case scenario, crude could get as high US$ 380 bbl.
Analysis: SCRUM Team