Daily Market Analysis 27.07.2022: OIL

Instrument: OIL

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 100.42 with take profit at  1.00.89
Bearish Preference: 
Sell position is envisaged if price trades  below 98,94 with take profit at 98.45
No Major Fundamental  

Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in U.S. crude stockpiles. After Tuesday’s settlement, industry group the American Petroleum Institute said crude stocks in the United States fell by 4 million barrels last week. That was four times bigger than the decline expected by analysts in a Reuters poll.

Analysis: SCRUM Team

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