Daily Market Analysis 18|05|2020: OILMay 18, 2020 2020-05-18 7:59
Daily Market Analysis 18|05|2020: OIL
Buy position is envisaged if price trades above 34.00 with take profit at 35.18
Sell position is envisaged if price trades below 33.14 with take profit at 32.00
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