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Daily Market Analysis 01|07|2020: OIL

Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: 
Buy if price trades above 42.12 with take profit at 43.35.
Alternative scenario: 
Sell position is envisaged if price trades below 41.04 with take profit at 39.94.
Fundamentals:
3:30pm USD Crude Oil Inventories

Comment: Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Analysis: SCRUM Team

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