Instrument: OILs
Technical Analysis
Bullish Preference:
buy position is envisaged if price trades above 74.90 with take profit at 75.38
Bearish Preference:
sell position is envisaged if price trades below 74.14 with take profit at 73.78
Fundamentals:
None with High Impact
Comment:
Oil prices rose slightly on Monday as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in the top global oil consumers, the United States and China. Meanwhile, flows of northern Iraqi crude oil to Turkey’s Ceyhan port have yet to resume following Baghdad’s request to restart them last week, industry sources said on Monday, helping keep global supplies tight.
Analysis: SCRUM Team