Instrument: OIL
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 45.10 with take profit at 45.49
Alternative scenario:
Sell position is envisaged if price trades below 44.89 with take profit at 44.61.
Fundamentals:
No major economic data with direct bearing on the commodity
Comment: The commodity is envisaged to surge higher owing to the reports that China would ship in large volumes of Oil from the US in the month of August and September. This report as well as the global easing of the COVID19 restrictions is expected to outweigh the over-supply concern and surge black gold higher.
Analysis: SCRUM Team
