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Daily Market Analysis 27|07|2020: OIL

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Daily Analysis / Online Education

Daily Market Analysis 27|07|2020: OIL

Instrument: OIL

Intraday: Bearish

Technical Analysis

Preference: 
Sell position is envisaged if price trades below 42.95 with take profit at 42.41.
Alternative scenario: 
Buy position is envisaged if price trades above 43.34 with take profit at 43.79.
Fundamentals:
No major economic data with bearing on this commodity.

Comment: The commodity is envisaged to lose traction and trade lower as tensions between US and China heightened amidst rising number of infections.

Analysis SCRUM Team

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