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Instrument: OILs
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 69.08 with a take profit at price 69.43.
Bearish Preference:
A Sell position is envisaged if price trades below price 68.19 with a take profit at price 67.87.
Fundamentals:
No major fundamental.
Comment: Crude oil prices were muted during the Asia-Pacific mid-day session after surging 2.6% on Friday. Investors are concerned about a new wave of Covid-19 outbreaks in the Asia-Pacific region, which may overshadow a brighter energy demand outlook in the US, Europe and China. Viral resurgence may slow down the pace of economic recovery in the region as many Asian countries have made relatively slow progress on vaccination.
Analysis: SCRUM Team
