Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above85.21 with take profit at 85.84
Bearish Preference:
A Sell position is envisaged if price trades below price 83.77 with take profit at 82.73
Fundamentals:
No major fundamental
Comment:
Oil prices fell on Wednesday on concerns that rising COVID-19 cases in China, the world’s top oil importer, will disrupt its economic recovery as it unwinds its pandemic restrictions, limiting fuel demand growth. Oil futures for February delivery fell 68 cents, or 0.8%, to $83.65 a barrel, by 0710 GMT. U.S. crude fell 46 cents, or 0.6%, to $79.07 per barrel.
Analysis: SCRUM Team
