Instrument: OIL
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 42.74 with take profit at key level 43.33.
Alternative scenario:
Sell if price trades below 42.02 with take profit at 41.40.
Fundamentals:
No fundamentals
Comment: In the past months we have seen Oil price rise from as low as $20pb to $45pb. As the effect of the virus begin to wear down and companies all other the world start operating, we should expect Oil prices to soar and demand for Oil increase. Technically on the H1 we see that OIL is around a support region and we expect prices to hover around a resistance and support until the crude oil inventory report comes out on Wednesday.
Analysis: SCRUM Team