Instrument: OIL
Technical Analysis:
Bullish Preference:
Buy position is envisaged if price trades above 105.80 with take profit at 106.22
Bearish Preference:
Sell position is envisaged if price trades below 104.55 with take profit at 104.15
Fundamentals:
No major fundamental
Crude oil prices washed out towards $94/barrel last week, a floor under the market ever since Russia invaded Ukraine at the end of February. Technical damage has been done, but the fundamentals haven’t changed: supply shortfalls are competing with global recession concerns. Oil was down on Tuesday morning in Asia as demand concerns spurred as China discovered cases of highly infectious BA.5 omicron sub-variant. Growing fears of a recession and continued sluggish demand in China is pulling oil prices lower, though the current supply-demand balances remain precarious,” Eurasia Group analysts said in a note.
Analysis: SCRUM Team