Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 100.40 with take profit at 100.83
Bearish Preference:
Sell position is envisaged if price trades below 98.34 with take profit at 97.88
Fundamentals:
No major fundamental
Comment:
Oil prices edged lower on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply. Crude prices tumbled after a wealth of factory activity data suggested the world is headed towards a giant global economic contraction, and on expectations for more oil output following a very good earnings season for oil companies.
Analysis: SCRUM Team