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Daily Market Analysis 11/08/2021: OILS

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Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 70.40 with take profit at 70.59.
Bearish Preference: 
Sell position is envisaged if price trades below 69.36 with take profit at 69.16.
Fundamentals:
3:30pm    USD Crude Oil Inventories

Comment: Oil fell below $70 a barrel on Wednesday, pressured by a CNBC report that the White House will call on OPEC and its allies to boost production in an effort to combat climbing gasoline prices.

Analysis: SCRUM Team

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