Crude Oil: Technical & Fundamental Headwinds
📆 Update - Mar 27
🕓 Timeframe: 1 hour
📈Technical Breakdown: A rising wedge pattern on the 1-hour chart has broken, potentially signaling a downtrend. (Your previous analysis is acknowledged!)
Target to be: 6690/ 6660
💲Price Drop: WTI crude futures fell to $81/barrel on Wednesday.
Inventory Surge: US crude inventories unexpectedly surged by 9.337 million barrels, the highest in a year.
Supply Concerns Waning? This inventory build could indicate easing supply concerns.
🆘Geopolitical Uncertainty: However, Ukrainian attacks on Russian refineries and Middle Eastern tensions create market unease.
📆 Update - Mar 27
🕓 Timeframe: 1 hour
📈Technical Breakdown: A rising wedge pattern on the 1-hour chart has broken, potentially signaling a downtrend. (Your previous analysis is acknowledged!)
Target to be: 6690/ 6660
💲Price Drop: WTI crude futures fell to $81/barrel on Wednesday.
Inventory Surge: US crude inventories unexpectedly surged by 9.337 million barrels, the highest in a year.
Supply Concerns Waning? This inventory build could indicate easing supply concerns.
🆘Geopolitical Uncertainty: However, Ukrainian attacks on Russian refineries and Middle Eastern tensions create market unease.