Instrument: OIL
Intraday: BULLISH
Technical Analysis
Preference:
Buy position is envisaged if price trades above 40.13 with take profit at key level 40.94.
Alternative scenario:
Sell if price trades above 39.03 with take profit at 38.15.
Fundamentals:
No major economic data with bearing on the commodity
Comment: Oil prices declined as there was decline in demand for crude oil products. A rebound in Covid-19 cases has seen some countries like India, great Britain, Spain and some parts of the United States. The outbreaks are threatening to slow a global economy recovery and reduce the demand for fuels from aviation gas to diesel. The record supply cuts by the OPEC + though has help stabilize the price of oil. But investors are skeptical if OPEC + would have another trick up their sleeves to further stabilize the price of Oil.
Analysis: SCRUM Team