Instrument: OIL
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 78.93 with take profit at 79.45
Bearish Preference:
A Sell position is envisaged if the price trades below price 78.15 with take profit at 77.65
Fundamentals:
2:15pm USD ADP Non-Farm Employment Change
Comment:
Oil rebounds on weaker dollar; economy concerns cap upside Oil prices rebounded on Thursday amid dollar weakness and as investors emerged to buy dips after two sessions of steep losses, though economic concerns capped recovery. Big declines in the previous two days were driven by worries about a potential global recession, especially since short-term economic signs in the world’s two biggest oil consumers, the United States and China, appeared shaky. “Coming after the heavy sell-off since the start of the week, it seems that oil prices are attempting to tap on some weakness in the U.S. dollar this morning for some reprieve.
Analysis: SCRUM Team