Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 34.00 with take profit at 35.18.
Alternative scenario: Sell position is envisaged if price trades below 33.14 with take profit at 32.00.
No major economic data with direct bearing on the commodity is expected today.
Comment: Black gold gaped-up on opening for this trading week on the back of gradual re-opening of the world' economy. The OPEC+ agreement to cut supply has been in effect since the 1st of May, and has dampened the market glut sentiment.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.08113 with take profit at 1.07834
Alternative scenario: Buy position is envisaged if price trades above 1.08286 with take profit at 1.08451
No major economic data is expected today.
Comment: The hawkish statement of the Chairman of the Federal Reserve earlier today is envisaged to lend strength to the Greenback today. Mr Powell said that the economy will rebound soonest as unemployment will get back down as people will go back to work.
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