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Daily Market Analysis 11.10.2022: OIL

Instrument: OILs

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 95.45 with take profit at 95.67
Bearish Preference: 
Sell position is envisaged if price trades below 94.69 with take profit at 94.46
Fundamentals:
No major fundamental

Comment: 
crude oil prices fell about 2.5 percent on Monday, the worst single-day performance since September 26th. This is despite an impressive almost 17% rally last week. The latter was triggered by plans from OPEC+ to reduce output in the coming months amid the decline in energy prices since earlier this year, opening the door to reduced supply.

Analysis: SCRUM Team

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