Instrument: OIL
Intraday: Bullish
Technical Analysis
Preference:
Buy if price trades above 42.12 with take profit at 43.35.
Alternative scenario:
Sell position is envisaged if price trades below 41.04 with take profit at 39.94.
Fundamentals:
3:30pm USD Crude Oil Inventories
Comment: Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.
Analysis: SCRUM Team
