Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 97.06 with take profit at 97.45.
Bearish Preference:
A Sell position is envisaged if price trades below price 96.02 with take profit at 95.75.
Fundamentals:
None with high impact on the commodity.
Comment:
Oil prices turned higher on Friday as the dollar eased, but gains were capped by recession fears and fresh concerns that COVID outbreaks will dent fuel demand in China. Analysts said while demand concerns are weighing on the market, supply is still expected to be tight, putting a floor under oil prices, with Europe’s embargo on Russian crude starting on Dec. 5 and U.S. crude stockpiles falling.
Analysis: SCRUM Team