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Daily Market Analysis 11|09|2020: OIL

Instrument: OIL

Intraday: BEARISH

Technical Analysis

Preference: 
Sell position is envisaged if price trades below 39.62 with take profit at 39.32
Alternative scenario: 
Buy when price trades above 40.22 with take profit 40.54

Fundamentals:
No Fundamentals.

Comment: Oil prices declined as there is a strong decline in demand for crude oil products. Prices have been pushing lower and it is expected that prices have consolidated at the 39$ price region and its expected to trade narrowly today.

Analysis: SCRUM Team

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