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Daily Market Analysis 18|05|2020: OIL

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Daily Analysis / Online Education

Daily Market Analysis 18|05|2020: OIL

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

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