Instrument: OIL
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 44.75 with take profit at 45.00
Alternative scenario:
Sell position is envisaged if price trades below 44.55 with take profit at 44.16
Fundamentals:
No major economic data with direct bearing to this commodity
Comment: Black gold is envisaged to close higher today, buoyed by the shut down of more than half the Gulf of Mexico’s oil production due to storm. This has led to the shutdown of 58% of offshore oil production in the region.
Analysis: SCRUM Team