Rationale: Oil prices are currently volatile due to escalating Middle East tensions and ongoing supply disruptions. Despite a sharp decline in US inventories, economic concerns and profit-taking are putting downward pressure on prices. The setup remains bearish with a target at 6240. A move above 6311 would invalidate this setup.
Risk Management: Monitor price action closely and adjust positions if the price moves above 6311.
Disclaimer: This is a technical analysis based on current data and should not be considered financial advice. Trading involves risk, and past performance is not indicative of future results.
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