Instrument: OIL
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 39.78 with take profit at 39.15.
Alternative scenario:
Buy position is envisaged if price trades above 40.52 with take profit at 41.42.
Fundamentals:
No major economic data with direct bearing on the commodity.
Comment: Black gold is currently pressured by the ever-rising number of COVID-19 cases threatening the recovery of global economy. Traders are encouraged to watch out for the reaction of the commodity around the confluence of bullish trendline and support on the 4H timeframe.
Analysis: SCRUM Team