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Instrument: OIL
Intraday: BEARISH
Technical Analysis
Preference:
Sell position is envisaged if price trades above 39.23 with take profit at key level 38.89.
Alternative scenario:
Buy if price trades above 39.63 with take profit at 40.04.
Fundamentals:
No major economic data with bearing on the commodity.
Comment: Energy prices has been tanking and this can be due to the fact that experts predict a resurgence in the corona virus cases as the weather gets colder. The demand for energy has reduced as the resurgence of the corona virus. there by reducing the price of Oil. On the H1 there is a support and we expect prices to break that support and go lower.
Analysis: SCRUM Team
