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by SIMONCSABA
Oil Intraday Trade Idea — 06.07.2026
Today I am watching oil for a short-term BUY recovery setup.
This is not a strong trend-buy idea. I would treat it as a counter-trend / intraday correction, because the broader fundamental pressure is still bearish.
Price rejected the lower area around 68.55–68.65, then reclaimed the cyan level around 68.75. Now the market is trying to hold above the clustered POC zone around 68.75–69.16.
The plan is simple: do not chase too high.
A better buy setup would be either:
A pullback that holds the 68.75–68.95 area, or
A clean M30 close above 69.16, followed by a retest and continuation.
The buy idea remains valid only while price proves acceptance above the POC cluster. If oil loses 68.75, the setup becomes weak. If price breaks below 68.55, I would cancel the buy idea and switch back to sell-bias.
Possible upside areas to watch are 69.60–69.80, then 70.20–70.40 if momentum continues.
Fundamentally, oil still has bearish pressure. OPEC+ agreed to raise output targets again from August, while Gulf exports through the Strait of Hormuz are recovering. Reuters reported WTI around $68.58 and Brent around $71.88, both slightly lower on the day. Another Reuters note said OPEC+ is adding 188,000 barrels per day from August, but the market is still watching whether that supply can actually be delivered and whether demand, especially from China, can absorb it.
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