Instrument: OILS
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 107.71 with take profit at 108.59
Bearish Preference:
Sell position is envisaged if price trades below 105.13 with take profit at 104.46
Fundamentals:
1:30pm CAD CPI m/m
Comment:
Russia held its spot as China’s top oil supplier for a second month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments from Saudi Arabia, data showed on Wednesday. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totaled 7.29 million tonnes, up nearly 10% from a year ago, according to data from the Chinese General Administration of Customs.
Analysis: SCRUM Team