Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 34.00 with take profit at 35.18
Alternative scenario:
Sell position is envisaged if price trades below 33.14 with take profit at 32.00
Fundamentals:
No major economic data with direct bearing on the commodity expected today
Comment: Black gold gaped-up on opening for this trading week on the back of gradual re-opening of the world’ economy. The OPEC+ agreement to cut supply has been in effect since the 1st of May and has dampened the market glut sentiment.
Analysis: SCRUM Team