Instrument: OIL
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 41.67 with take profit at 41.15
Alternative scenario:
Buy position is envisaged if price trades above 44.00 with take profit at 44.30
Fundamentals:
No major economic data with bearing on the commodity
Comment: The commodity is envisaged to trade lower in today’s session as Oil giant Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as China the world’s biggest importer slowing imports. Rig Count data from the US on Friday further supports the sentiment of over supply in the market.
Analysis: SCRUM Team