Morning Insights 22nd July

Simon Alagbe

Analyst


Instrument: US30

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 26801 with take profit at 26886.

Alternative scenario: Sell position is envisaged if price trades below 26651 with take profit at 26540.

Fundamentals:

No major economic data with direct bearing on the commodity.

Comment: Bullish trend of US30 is expected to continue after price bounced off a support today.



Instrument: OILs


Intraday: Bullish


Technical Analysis


Preference: Buy position is envisaged if price trades above 44.28 with take profit at 44.67.

Alternative scenario: Sell position is envisaged if price trades below 43.73 with take profit at 43.34.


Fundamentals:

 Crude Oil Inventories USD 3:30pm

Comment: Although Oil prices fell in the early session due to oil inventory expectations, price could not break the verified support on the H1, therefore, is expected to trade higher pending the release of the crude oil inventory.

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