Daily Market Analysis 11|01|2021: OIL

Daily Analysis / Online Education

Daily Market Analysis 11|01|2021: OIL

Instrument: OIL

Technical Analysis

Bullish Preference: 
Buy is envisaged if price trades above 55.35 with take profit at 55.98.
Bearish Preference: 
Sell is envisaged if price trades below 54.52 with take profit at 54.04.
No Fundamentals.

Comment: Oil prices saw a surge last week, and we can attribute that to the rise in vaccine distribution, we expect prices to cool off at the moment since price has broken past the $50 mark, for now we should expect a mild re-tracement. before price would break the major resistance on the H1.

Analysis: SCRUM Team

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