Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 107.97 with take profit at 108.67 .
Bearish Preference:
Sell position is envisaged if price trades below 106.12 with take profit at 105.70 .
Fundamentals:
None with high impact
Comment:
Brent crude oil is trading around the 106 handle after prices rallied overnight against a broadly weaker US Dollar. A rebound in market sentiment across the Asia-Pacific region, particularly in China, supported prices. Chinese regulators are considering a proposal to allow homebuyers to suspend mortgage payments on unfinished homes. Beijing is also pushing local governments to lend more in special bonds for infrastructure projects as the country attempts to reach its growth target amid sporadic Covid lockdowns.
Analysis: SCRUM Team