Analyst
Black gold gapped upon opening this week, hitting a level not seen in over seven years as tensions between Russia and Ukraine heats up. Fears have increased of a possible Russian invasion of Ukraine could prompt a sanction from the west and would further disrupt the export of Crude from Russia further tightening the supply in the market.
OPEC and its allies popularly called OPEC+ have struggled recently to match global demand despite their decision to up production by 400,000 barrels per day till March.
The instrument gaped on opening this morning with a retracement expected to the close of last week before a surge back to the upside. Even though RSI and Stochastic oscillator suggest the instrument is overbought although the momentum on the instrument remains bullish. A buy from around the 95.10 price level is expected (High of last Friday) with a take profit at 97.40 and stop-loss at 94.00.
No major economic data with bearing on black gold
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