Daily Market Analysis 24|07|2020: OILJuly 24, 2020 2020-07-24 15:23
Daily Market Analysis 24|07|2020: OIL
Buy position is envisaged if price trades above 43.51 with take profit at 43.91.
Sell position is envisaged if price trades below 42.80 with take profit at 42.50.
No major economic data with direct bearing to this commodity.
Comment: Oil has been bouncing off positive sentiments as tensions between the United States and China rose against a backdrop of rising coronavirus cases. The underlying sentiment is that a weaker dollar usually spurs buying of commodities priced in the greenback, like oil, because they become cheaper for holders of other currencies.
Analysis: SCRUM Team