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Daily Market Analysis 18.07.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 104.55 with take profit at 105.14.
Bearish Preference: 
Sell position is envisaged if price trades  below 102.41 with take profit at 101.57 .
Fundamentals:
None with high impact

Comment: 
Both Brent and WTI last week registered their biggest weekly declines for about a month on fears of a recession that would hit oil demand. Mass COVID-testing exercises continue in parts of China this week, raising concerns over oil demand from the world’s second-largest oil consumer.

Analysis: SCRUM Team

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