Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 30.60 take profit at 31.00
Alternative scenario:
Sell at 30.19 with take profit at 29.86
Fundamentals:
None
Comment: Oil has gained in the last set of days based on optimism from the gradual reduction of lockdown around the world. It’s expected that demand would soar in the coming days but with the emergence of rumors of a mutated form of Covid-19, there are fears that the current bullish move on oil might be temporary and prices could go back to the 20s region.
Analysis: SCRUM Team