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Daily Market Analysis 10|07|2020: OIL

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Daily Analysis / Online Education

Daily Market Analysis 10|07|2020: OIL

Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: 
BUY position is envisaged if price trades above 41.75 with take profit at 42.09
Alternative scenario: 
SELL position is envisaged if price trades above 41. 46 with take profit at 41.15
Fundamentals:
No major economic data with direct bearing to this commodity

Comment: Prices have started to fall in recent times and this has been due to lingering fears in the market of another lockdown around the world. With increased cases, no cure and a huge disregard for Social distancing around the world, it is expected that Covid would affect demand and this is been reflected on the market at the moment.

Analysis: SCRUM Team

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