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Daily Market Analysis 12.04.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 101.00 with take profit at 101.41
Bearish Preference: 
Sell position is envisaged if price trades below 99.66 with take profit at 99.25
Fundamentals:
No major Fundamental.

Comment: 
Oil prices climbed on Tuesday on easing concerns about demand in China after Shanghai relaxed some COVID-19-related restrictions and OPEC warned it would be impossible to increase output enough to offset lost Russian supply.

Analysis: SCRUM Team

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