Instrument: OIL
Intraday: BULLISH
Technical Analysis
Preference:
Buy position is envisaged if price trades above 40.08 with take profit at 40.70
Alternative scenario:
Sell position is envisaged if price trades below 39.69 with take profit at 39.32
Fundamentals:
No major economic data with bearing on the commodity.
Comment: Black gold is envisaged to trade higher today as tropical storm Sally is gaining momentum in the gulf of Mexico causing oil rigs to shut down. Sally is predicted to be a category 2 hurricane coming less than a month to the devastating Hurricane Laura.
Analysis: SCRUM Team
