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Instrument: OIL
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades below 43.79 with take profit at 43.39
Alternative scenario:
Buy position is envisaged if price trades above 44.00 with take profit at 44.30
Fundamentals:
No fundamental with direct impact on the instrument
Comment: The Oil market sold yesterday and the general trend of the instrument seems to be enjoying a major pullback. The slump in demand for Oil Extracts such as Gasoline has made prices very bearish and even though it is expected that price would soon recover and start pushing back up. The current trend reversal indicates that the bearish pressure present during pandemic seems to be back.
Analysis: SCRUM Team
