Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 39.22 with take profit at 40.00
Alternative scenario:
Sell position is envisaged if price trades below 38.05 with take profit at 37.37.
Fundamentals:
No major economic data with direct bearing on the commodity
Comment: Black gold continued its recent recovery despite the rising US-China tensions. A virtual meeting of OPEC+ scheduled to hold on June 4 where a deal to extend the current 9.7 million barrels per day cut beyond June is expected to be discussed is sending positive waves to the market.
Analysis: SCUM Team
