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Instrument: OIL
Intraday: BULLISH
Technical Analysis
Preference:
Buy position is envisaged if price trades above 46.55 with take profit at 46.94
Alternative scenario:
Sell position is envisaged if price trades below 46.22 with take profit at 45.65
Fundamentals:
No major economic data with bearing on the commodity
Comment: Black gold shrugged off the impact of the Hurricane of Friday and set to extend gains as data from China lend support. The effort by the energy companies to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm could further support the gains
Analysis: SCRUM Team
