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UM focuses on WTI Oil - June 6, 2024

Wilson
Wilson
06-06

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🌐Geopolitical Tensions: Recent Israeli airstrikes near Aleppo, Syria, and Iran's retaliatory threats may drive oil prices higher in the short term.

📰Demand Concerns: The U.S. EIA report shows crude oil inventories at their highest since March 2023, with product inventories increasing the most since January 2024, indicating weak demand.

🔍Technical Analysis Highlights:

• Stochastic Oscillator: The daily chart is in the oversold zone, suggesting potential bullish momentum. The 1-hour chart indicates the start of a rebound cycle.

• Descending Channel Line: A bullish engulfing pattern may signify a short-covering rally. Watch the 38.2% Fibonacci retracement level and the lower edge of the rectangle range.

• Rebound Strength: The price has broken upward. It may pull back to the descending channel line. Elliott wave analysis indicates wave c might target around $75.

📍Pivot Indicators:

• Pivot Price: $72.55

• Bullish Scenario: Above $72.55, targeting $75.40 and $76.35

• Bearish Scenario: Below $72.55, targeting $71.80 and $71.00

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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