Instrument: OIL
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 44.65 with take profit at 44.24
Alternative scenario:
Buy position is envisaged if price trades above 45.15 with take profit at key level at 45.55
Fundamentals:
No major economic data with direct bearing to this commodity
Comment: Oil became extremely bearish yesterday after the Fed’s minutes from its July meeting spooked investors by showing that the swift labour market rebound seen in May and June had likely slowed and the market react by pulling back. The instrument has been expected to pull back from recent highs and its expected that in the long term, prices are still looking bullish.
Analysis: SCRUM Team