Daily Market Analysis 11|08|2020: OIL

Daily Analysis / Online Education

Daily Market Analysis 11|08|2020: OIL

Instrument: OIL

Intraday: Bearish

Technical Analysis

Sell position is envisaged if price trades below 45.34 with take profit at key level 45.04 
Alternative scenario:  
Buy if price trades above 45.73  with take profit at 46.08
No Fundamentals.

Comment: Technically Brent has been hovering between 46.15 and 44.35 prize zones, right now investors would be waiting for crude oil inventories to know where the next bent price would settle at, for now we expect the instrument to trade between support and resistance. For now we expect the instrument to follow suite.

Analysis: SCRUM Team

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