Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price go below 22.05 with TP at 20.26
Alternative scenario:
Buy position is envisaged if price goes above 23.60 TP at 25.09.
Fundamentals:
No major economic data expected today
Comment: Oil has seen steady decline in price as investors, look forward to the anticipated crude oil inventories coming out on Wednesday, though the crude oil inventories shows crude oil stockpiles in the U.S, a significant decline in these stockpiles would boost the price of oil going forward and vice versa. For today what keeps investors and producers up at night is the where to store this oil, because there are no storage spaces left to store the oil at this rate producers are producing.
Analysis: SCRUM Team