Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 29.18 with take profit at 30.20
Alternative scenario:
Sell position is envisaged if price trades below 28.30 with take profit at 26.97
Fundamentals:
No major economic data expected today
Comment: The uptick of Oil is due to the expected supply cut that would be implemented by OPEC + and the US this month of May, also a lot of countries have started opening certain sectors of their economy. This means demand of by products of crude oil (Gasoline and Natural Gas) would increase. A lot of investors would look at the data of crude oil inventories coming up later this week to see if the supply cut and countries opening back their economy has reduced inventories, and increased the demand for oil.
Analysis: SCRUM Team