Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 37.52 with take profit at 36.00
Alternative scenario:
Buy position is envisaged if price trades above 37.97 with take profit at 38.46
Fundamentals:
No major economic data with direct bearing on the commodity
Comment: Oil is envisaged to be pressured by increasing concern of a second wave of COVID19 infections which could weigh heavily on the recovery of the commodity.
Analysis: SCRUM Team