Daily Market Analysis 14.03.2023: OIL

Instrument: OILS

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if the price trades above 79.85 with take profit at 80.06
Bearish Preference: 
A Sell position is envisaged if the price trades below 78.94 with take profit at  98.71
None with High Impact

crude oil prices fell 2.55% on Monday as market volatility remained elevated in the fallout of last week’s collapse of Silicon Valley Bank. Since last Wednesday, the commodity is down about 3.3%. Sentiment-linked crude oil was and may continue to remain vulnerable in the coming days/weeks/months as traders assess the likelihood of the United States economy entering a recession. Despite steps taken by the government to shore up confidence in the banking system, investors punished regional bank stocks on Monday.

Analysis: SCRUM Team

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