Instrument: OIL
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above 92.93 with take profit at 93.30
Bearish Preference:
A sell position is envisaged if price trades below price 91.75 with take profit at 91.46
Fundamentals:
None with high impact
Comment:
Crude oil has recovered from yesterday’s dip to be trading near to where it started the week. The WTI futures contract is approaching US$ 86 bbl while the Brent contract is a touch above US$ 92 bbl. More so, Oil prices steadied on Tuesday on concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world’s biggest oil consumer.
Analysis: SCRUM Team