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Instrument: OIL
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 43.18 with take profit at 43.61.
Alternative scenario:
Sell position is envisaged if price trades below 42.63 with take profit at 42.26.
Fundamentals:
Crude Oil Inventories (US) 3:30 PM
Comment: Black gold closed bearish in the session yesterday as report from the American Petroleum Institute (API) showed a 2 million-barrel build in crude oil supplies amidst the rising number of COVID19 cases. The commodity is envisaged to recover some of the lost ground today as we await the Energy Information Administration report later today.
Analysis: SCRUM Team
