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Intraday: Bearish
Technical Analysis
Preference:
A Sell is in order if prices trade below 40.32 with take profit at 38.91.
Alternative scenario:
A buy is in order if price trades above 41.77 with take profit at 43.02
Fundamentals:
No major economic data with direct bearing on the commodity
Comment: Yesterday saw a drop in the prices of oil, the OPEC + meetings were inconclusive as Russia and Saudi Arabia saw that member country’s were not abiding by their pledge to cut production. Looking at the instrument technically we can see on the H1 since the instrument broke below the 50EMA, it has been difficult to push higher.
Analysis: SCRUM Team
