Intraday: Bearish
Technical Analysis
Preference:
SELL position is envisaged if price trades above 40.16 with take profit at 39.69
Alternative scenario:
BUY position is envisaged if price trades above 40.79 with take profit at 41.06
Fundamentals:
ADP Non-Farm Employment Change (US) 1:15 PM
Comment: Oil is on a huge uptrend in the last of weeks but technically, the resistance level at 40.79 is proving as a huge resistance and it is expected to push prices lower to the 39$ region for today as there’s no strong fundamentals to support the bulls towards breaking the 40.79 price region.
Analysis: SCRUM Team