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Daily Market Analysis 29|07|2020: OIL

MW-EY437_oil_pu_20161021134023_ZH
Daily Analysis / Online Education

Daily Market Analysis 29|07|2020: OIL

Instrument: OIL

Intraday: Bullish

Technical Analysis

Preference: 
Buy position is envisaged if price trades above 43.96 with take profit at 44.60.
Alternative scenario: 
Sell position is envisaged if price trades below 43.47 with take profit at 43.09.
Fundamentals:
3:30pm USD Crude Oil Inventories.

Comment: Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. The black gold is expected to continue its bullish move if it breaks the resistance on 1hr.

Analysis: SCRUM Team

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