Instrument: OIL
Intraday: Bearish
Technical Analysis
Preference:
Sell position is envisaged if price trades below 43.00 with take profit at 42.86.
Alternative scenario:
Buy position is envisaged if price trades above 43.30 with take profit at 43.44.
Fundamentals:
No fundamental with direct impact on the commodity
Comment: Oil is moving down based on bad sentiments from the OPEC meetings and also due to the market experiencing a pullback due to its bullish days. The instrument should trade within the given price zones and take profits of both scenario should be tested.
Analysis: SCRUM Team