Instrument: OILs
Bullish Preference:
A buy position is envisaged if the price trades above 89.98 with take profit at 90.41.
Bearish Preference:
A sell position is envisaged if the price trades below 89.44 with take profit at 89.02.
Fundamentals:
None with High Impact
Comment:
Oil reaches new 2023 high as higher oil and higher energy prices could stoke inflation again at a time when Wall Street has raised the odds of the Fed pausing the interest rate hikes Bullish actions as well as voluntary supply cuts have elevated oil prices and has given concerns for global economic growth. Oil prices experienced a decline due to the conclusion of the summer travel season and concerns surrounding China’s economic prospects though Goldman Sachs sees oil prices going as high as $107 per barrel if OPEC+ producers maintain their production cuts.
Analysis: SCRUM Team