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Daily Market Analysis 13|07|2020: OIL

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Daily Market Analysis 13|07|2020: OIL

Instrument: OIL

Intraday: Bearish

Technical Analysis

Preference: 
Sell position is envisaged if price trades below 42.65 with take profit at 41.91.
Alternative scenario: 
Buy position is envisaged if price trades above 43.13 with take profit at 43.54.

Fundamentals:
No major economic data with direct bearing to this commodity.

Comment: Black gold gaped down on opening this week as expectations of a recommended easing in the current output cut by the OPEC technical committee. The Joint Ministerial Monitoring Committee of OPEC will meet Tuesday and Wednesday to recommend the next level of cuts.

Analysis: SCRUM Team

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