Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 77.13 with take profit at 77.62
Bearish Preference:
Sell position is envisaged if price trades below 76.00 with take profit at 75.50
Fundamentals:
No major fundamental
Comment:
Oil prices rose more than 1% on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. China, the world’s biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend, with residents saying a return to normal was a long way off.
Analysis: SCRUM Team