Instrument: OILS
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 82.61 with take profit at 83.05
Bearish Preference:
A Sell position is envisaged if the price trades below 81.03 with take profit at 80.40
Fundamentals:
2:30pm USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
4:00pm USD ISM Services PMI
Comment:
Oil prices rose slightly on Friday, but were headed for steep weekly losses as fears of a U.S. recession, coupled with uncertainty over an economic recovery in China weighed on the near-term outlook for crude demand. High interest rates are set to weigh heavily on the U.S. economy this year, which has brewed concerns that crude demand could weaken amid a potential recession.
Analysis: SCRUM Team
