Morning Insights 29th July

Simon Alagbe

Analyst


Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 43.96 with take profit at 44.60.

Alternative scenario: Sell position is envisaged if price trades below 43.47 with take profit at 43.09.

Fundamentals:

 Crude Oil Inventories (USD) 3:30pm

Comment: Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. The black gold is expected to continue its bullish move if it breaks the resistance on 1hr.




Instrument: US30

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 26358 with take profit at 26427.

Alternative scenario: Sell position is envisaged if price trades below 26271 with take profit at 26196.

Fundamentals:

FOMC Statement Federal Funds Rate (USD) 7:00PM

Comment: The US seems to be in a race to complete details of a $1 trillion coronavirus rescue package before the enhanced unemployment benefits expire on Friday. Therefore Price is expected to continue its bullish run after bouncing off a support.

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