Instrument: OIL
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 42.79 with take profit at 42.33.
Alternative scenario:
Buy position is envisaged if price trades above 43.40 with take profit at 43.92.
Fundamentals:
No major economic data with direct bearing on the commodity
Comment: The commodity is envisaged to trade lower owing to the rising number of COVID-19 cases as well as windback in the output cut by OPEC+. OPEC+ is expected to improve on output this month and shale oil producers in the US might be encouraged to ramp up production as a result of recent recovery in oil prices.
Analysis: SCRUM Team