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Daily Market Analysis 17.06.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 120.88 with take profit at 121.12
Bearish Preference: 
Sell position is envisaged if price trades  below 119.95 with take profit at 119.72
Fundamentals:
No major fundamentals

Comment: 
Oil prices edged lower on Friday as demand concerns emerged following this week’s rate hikes, although persisting supply tightness and new sanctions on Iran limited the downside.

Analysis: SCRUM Team

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