Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 86.43 with take profit at 86.75.
Bearish Preference:
Sell position is envisaged if price trades below 85.76 with take profit at 85.51.
Fundamentals:
No major fundamental
Comment:
Oil prices are dropping for a second day, erasing some more of the pre-Christmas rally amid uncertainty over the Chinese outlook and the limited impact of Russia’s response to the G7 price cap. Volatility is likely going nowhere fast as we navigate another highly uncertain year, albeit one that surely promises plenty of surprises and twists and turns along the way.
Analysis: SCRUM Team
