Daily Market Analysis 30.08.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if price trades above 103.66 with take profit at 103.96
Bearish Preference: 
A Sell position is envisaged if price trades below price 102.46 with take profit at 102.25
No major fundamental

Crude oil has recovered at the start of this week as supply issues continue to cause concern for energy reserves going into the Northern hemisphere autumn. This is despite a broadly stronger US Dollar in the aftermath of the Federal Reserve meeting last week that pointed toward higher rates for longer than the market had previously anticipated.

Analysis: SCRUM Team

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