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Daily Market Analysis 11|03|2021: OIL

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Instrument: OIL

Technical Analysis

Bullish Preference: 
Buy is envisage if price trades above 68.55 with take profit at 69.28.
Bearish Preference: 
Sell is envisaged if price trades below 67.75 with take profit at 66.96.
Fundamentals:
None with high impact on the commodity.

Comment: Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month’s Texas storm.

Analysis: SCRUM Team

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