Instrument: OIL
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 79.59 with take profit at 79.74.
Bearish Preference:
Sell position is envisaged if price trades below 78.97 with take profit at 78.79.
Fundamentals:
None with high impact
Comment:
Oil edged lower on Tuesday on expectations that further interest rate hikes in the United States, the world’s biggest oil user, will slow economic growth and limit fuel demand. Brent futures for March fell 33 cents to $79.32 a barrel, a 0.4% drop, by 0719 GMT. U.S. West Texas Intermediate crude dipped 29 cents, or 0.4%, to $74.34 per barrel.
Analysis: SCRUM Team
