Daily Market Analysis 17|04|2020: OIL

Intraday: Bearish

* Technical Analysis

* Preference: 
A sell is in order if price trades below 28.00 with take profit at 27.50

* Alternative scenario: 
Buy once price trades above 28.75 with take profit 29.22

* Fundamentals:

Comment: Oil has dropped in recent weeks but a recovery from this current slump is not evident given that Brent crude rose modestly while U.S. futures ended unchanged at an 18-year-low after even though OPEC  lowered its global oil demand forecast and also given that most countries are still recording poor revenue including Russia. The resurgence of Oil is tied to demand and demand can only be rational after lockdown measures are reduced till then the price of the commodity is expected to slump.

Analysis: SCRUM Team

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