Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 100.42 with take profit at 1.00.89
Bearish Preference:
Sell position is envisaged if price trades below 98,94 with take profit at 98.45
Fundamentals:
No Major Fundamental
Comment:
Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in U.S. crude stockpiles. After Tuesday’s settlement, industry group the American Petroleum Institute said crude stocks in the United States fell by 4 million barrels last week. That was four times bigger than the decline expected by analysts in a Reuters poll.
Analysis: SCRUM Team