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Instrument: OILs
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 81.54 with take profit at 81.79
Bearish Preference:
Sell position is envisaged if price trades below 80.57 with take profit at 80.35
Fundamentals:
No Major Fundamental
Comment: Oil prices rose on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis. However, While such a decision would result in price setbacks, the SPR can only fill the gap during temporary production disruptions and not fix structural issues of underinvestment and rising demand.
Analysis: SCRUM Team
