Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 96.45 with take profit at 96.75
Bearish Preference:
A Sell position is envisaged if price trades below price 95.27 and take profit at 94.92
Fundamentals:
No major fundamental
Comment:
Oil prices jumped by about 2% on Friday after health authorities in top global crude importer China eased some of the country’s heavy COVID curbs. Brent crude futures rose $1.82, or 1.9%, to $95.49 a barrel by 0630 GMT, extending a 1.1% rise in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained $1.75, or 2.0%, to $88.22 a barrel, after climbing 0.8% in the previous session.
Analysis: SCRUM Team