Instrument: OIL
Intraday: BULLISH
Technical Analysis
Preference:
BUY position is envisaged if price trades above 42.18 with take profit at 42.41
Alternative scenario:
SELL position is envisaged if price trades below 42.07 with take profit at 41.92
Fundamentals:
None with direct impact on the commodity
Comment: The commodity has been pressured recently by the rising number of cases around the world dampening hopes for a full recovery of global oil demand. The commodity is envisaged to recover some lost ground in todays session owing to the positive data from China earlier today and the proposed strike by the the Norwegian Oil and Gas Association (NOG) that could potentially threaten Oil production by 900,000 barrels per day.
Analysis: SCRUM Team