Daily Market Analysis 24.06.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 108.13 with take profit at  108.60
Bearish Preference: 
Sell position is envisaged if price trades below price 105.27 with take profit at 104.88
No major fundamental

Oil was down on Friday morning in Asia as fears of slower demand from slowing U.S. economic growth and supply concerns weighed on the market. Crude futures entered into sell mode following disappointing U.S. manufacturing and services purchasing managers indexes (PMI), along with a downswing in Germany’s manufacturing data, SPI Asset Management managing partner Stephen Innes told Reuters.

Analysis: SCRUM Team

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