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Daily Market Analysis 22|05|2020: OIL

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Daily Analysis / Online Education

Daily Market Analysis 22|05|2020: OIL

Intraday: Bullish

Technical Analysis

Preference:
Buy position is envisaged if price trades above 34.90 with take profit at 35.30
Alternative scenario: 
Sell position is envisaged if price trades below 32.89 with take profit at 32.20
Fundamentals:
Baker Hughes Rig Count (US)  6pm

Comment: The instrument has been over bought this week eventually setting a new high and the resistance at 36.90 proving very strong and has sent the instrument back down but with a new support at 34.16, hence the bullish stance at the specified price levels.

Analysis: SCRUM Team

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