Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 93.37 with take profit at 93.82
Bearish Preference:
Sell position is envisaged if price trades below 92.46 with take profit at 92.12
Fundamentals:
None with high impact
Comment:
Oil prices fell over $1 on Monday following weaker-than-expected factory activity data out of China and on concerns its widening COVID-19 curbs will curtail demand. In an outlook to be released on Monday, the Organization of the Petroleum Exporting Countries is expected to stick to a view of oil demand rising for another decade, despite increasing use of renewable energy and electric cars, two OPEC sources said.
Analysis: SCRUM Team