Intraday: Bearish
* Technical Analysis
* Preference: A Sell position is envisaged if price trades below 26.82 with take profit at 26.50
* Alternative scenario:
Buy position is envisaged if price trades above 27.58 with take profit at 28.45
* Fundamentals:
No major economic data expected today
Comment: The sentiment on black gold is still bearish as supply far outweigh demand creating a glut in the market. OPEC also revised downward its global oil demand estimates for 2020 to 92.8 million barrels per day from 99.7 million barrels per day further fueling the selling pressure on the commodity.
Analysis: SCRUM Team