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Instrument: OIL
Intraday: Bearish
Technical Analysis
Preference:
SELL position is envisaged if price trades below 42.50 with take profit at 42.09
Alternative scenario:
BUY position is envisaged if price trades above 43.26 with take profit at 43.65
Fundamentals:
no major economic data with direct bearing to this commodity
Comment: The fear of the second wave of infections in the pandemic has doused investors’ sentiments this morning. Oil is looking at consolidating in the $42 price region going into the new week hence prices should range within the 42-43 price region in the absence of any major news today.
Analysis: SCRUM Team
