Instrument: OIL+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 85.15 with take profit at 85.56
Bearish Preference:
Sell position is envisaged if price trades below 83.27 with take profit at 82.89
Fundamentals:
No major fundamental
Comment:
Crude oil is under pressure as perceptions of global growth going forward continue to be questioned with interest rates soaring again today. Oil prices rose more than 1% on Tuesday, after plunging to nine-month lows a day earlier, amid indications that producer alliance OPEC+ may enact output cuts to avoid a further collapse in prices.
Analysis: SCRUM Team