Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 84.87 with take profit at 85.00
Bearish Preference:
Sell position is envisaged if price trades below 84.44 with take profit at 84.32
Fundamentals:
ALL DAY: OPEC’s monthly oil report
Comment:
Brent crude oil traded marginally lower on Monday on the back of a stronger U.S. dollar which may be attributed to Friday’s Michigan consumer sentiment beat as well as the overexuberance by markets post-U.S. CPI. The low trading may be a bit light across global markets due to Martin Luther King, Hr. Day in the U.S., But the price of oil might experience volatility today due to OPEC’s monthly oil report
Analysis: SCRUM Team
