Instrument: OIL
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 43.80 with take profit at 43.57
Alternative scenario:
Buy position is envisaged if price trades above 44.54 with take profit at key level at 44.84
Fundamentals:
No major economic data with direct bearing to this commodity
Comment: Oil was bearish yesterday and this can be attributed to a series of mixed news from the Oil market with EIA crude oil inventories showing a huge supply cut of over 7.1m against expected forecast but this good data was immediately dampened by gasoline demand crashing seriously.
Analysis: SCRUM Team