Daily Market Analysis 11.03.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 112.82 with take profit at 113.46.
Bearish Preference: 
Sell position is envisaged if price trades below 109.93 with take profit at 109.47.
No major fundamental

Russian forces are on the move again in Ukraine after being bogged down for a week. The humanitarian disaster there escalates, with the number of refugees now estimated at over 2.4 million. Oil jumps as talks to lift sanctions on Iran are paused, frustrating hopes for a quick increase in supplies of Iranian crude.

Analysis: SCRUM Team

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