Instrument: OILs
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 73.41 with take profit at 75.01.
Bearish Preference:
A sell position is envisaged if the price trades below 71.66 with take profit at 70.27.
Fundamentals:
1:30pm USD Unemployment Claims
Comment:
Oil prices rose on Thursday but were unable to claw back much of this week’s more than 8% decline as demand concerns in major consuming countries continued to weigh. However, the market has seen some support from the Fed’s signal that it may pause further interest rate increases to give officials time to assess the fallout from recent bank failures and to gain clarity on the dispute over raising the U.S. debt ceiling.
Analysis: SCRUM Team
