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