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Crude Oil Price Punches Higher while Stocks, Bonds and Yen Suffer Ahead of ECB


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Jun 9, 2022 | DailyFX
Daniel McCarthy, Strategist

CRUDE OIL, WTI, BRENT, USD/JPY, JAPAN, CHINA, ECB, LAGARDE - TALKING POINTS

  • Crude oil prices find support as demand continues to grow
  • APAC equities were mostly softer as sentiment sours on risk assets
  • All eyes on the ECB meeting. Will higher WTI feed inflation fears?

CRUDE OIL TECHNICAL ANALYSIS

Bullish momentum continues to evolve for crude oil for now, as illustrated by positive gradients on all period simple moving average (SMA).

The Narch peaks at 129.44 and 130.50 might offer a resistance zone. On the downside, support may lie at a break point and a prior low at 116.57 and 111. 20 respectively.

CRUDE OIL CHART

Chart created in TradingView

 

 

What is your view on Oil ?

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