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Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 42.65 with take profit at 43.00
Alternative scenario:
Sell position is envisaged if price trades below 42.19 with take profit at 41.24
Fundamentals:
No major economic data with direct bearing on the commodity
Comment: Oil is envisaged to be supported this week by the decline in the number of active rigs in the US and Canada according to Baker Hughes data on Friday. The gains might be limited due to the concern of the second wave of infection.
Analysis: SCRUM Team
