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Daily Market Analysis 24|07|2020: OIL

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Daily Analysis / Online Education

Daily Market Analysis 24|07|2020: OIL

Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: 
Buy position is envisaged if price trades above 43.51 with take profit at 43.91.
Alternative scenario: 
Sell position is envisaged if price trades below 42.80 with take profit at 42.50.
Fundamentals:
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

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