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Daily Market Analysis 11.04.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 101.45 with take profit at 102.35
Bearish Preference: 
Sell position is envisaged if price trades below 99.61 with take profit at 98.84
Fundamentals:
No major Fundamental.

Comment: 
The price of oil spiked to a fresh yearly high ($130.50) in March amid the disruptions caused by the Russia-Ukraine war. Current market conditions may lead to higher crude prices as expectations for strong demand are met with indications of limited supply. Brent crude oil prices fell for a second week amid growing concerns over the global economic rebound. A more aggressive Federal Reserve outlook amplified the worry following the recent series of yield curve inversions

Analysis: SCRUM Team

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