Instrument: OIL
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 42.31 with take profit at 41.86.
Alternative scenario:
Buy position is envisaged if price trades above 42.69 with take profit at 43.30.
Fundamentals:
No major economic data with direct bearing to this commodity.
Comment: Black gold is envisaged to trade lower as the potential return of output from Libya fuels sentiment of a glut in the market. The growing number of infections around the world is another limiting factor for black gold as countries like France, Spain, Greece and Denmark announcing new coronavirus restrictions in some of their largest cities.
Analysis: SCRUM Team