Let me discuss crude oil.
After bottoming out, it has started to rebound. From a technical perspective, selling pressure is extremely heavy, lacking conditions for a direct V-shaped recovery.
Japan's strategic petroleum reserve release on Thursday is a real "supply increase" — a clear bearish signal. Meanwhile, Wang Yi just spoke with Iran's Foreign Minister, who stated Iran is currently only blocking sea lanes to warring nations.
My assessment: upside resistance is met, likely a second bottom test.
With moving average resistance too close around 104.5, combined with Japan's epic-scale reserve
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