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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 72.42 with take profit at 72.61.
Bearish Preference:
Sell position is envisaged if price trades below 71.55 with take profit at 71.34.
Fundamentals:
No major fundamental.
Comment: Oil prices slipped on Tuesday amid concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries at the same time global producers plan to raise output. The prices were also weighed down by weaker manufacturing data from China, where factory activity expanded at a slower pace in August compared with the previous month.
Analysis: SCRUM Team
