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Instrument: OILs
Technical Analysis
Bullish Preference: A Buy position is envisaged if price trades above 64.83 with a take profit at price 65.29.
Bearish Preference: A Sell position is envisaged if price trades below price 63.89 with a take profit at price 63.47.
Fundamentals:
No major fundamental.
Comment: Crude oil prices fell slightly during Monday’s APAC session amid rising viral concerns. Japan declared a third state of emergency in Tokyo, Osaka and two other prefectures to curb a surge in coronavirus cases. knowing that Japan is the world’s fourth largest oil importing country, consuming around 7% of global oil exports during 2019. Therefore, reduced domestic travel and a halt of non-essential businesses could bring a considerable impact to energy consumption during the restricted period.
Analysis: SCRUM Team
