3.20 Crude Oil Oscillation Recovery, Pull Back Longs Are Just Picking Up Money
Crude oil oscillated at high levels yesterday, testing the $100 mark again during the session, but failed to hold steady and pulled back in the latter half of the night, retracing to around $92 at the low, with the daily line closing as a large bearish candle.
From the daily line structure, oil prices faced pressure at the $100 level and closed in red, forming a clear impact on both technical patterns and market sentiment. Although it has not broken below the 10-day moving average, it has already lost the 5-day moving average and formed a bearish engulfing pattern, with short-term price action likely to shift toward oscillation and recovery. From a market sentiment perspective, after consecutive gains, bullish momentum has weakened somewhat, and moderate technical consolidation is reasonable.
In the short term, focus on the struggle around the 5-day moving average at 95.0–95.5, which is also the middle band of the hourly chart's recent oscillation range. If it can reestablish above this level, the trend remains strong; if it continues to face pressure below, be alert to further technical pullback, with support at around $91. Once this support is broken, short-term prices may accelerate corrections; conversely, if it stabilizes again at $95, it may resume the uptrend.
Crude Oil Strategy: Light short on pull back to 92-91.5, stop loss at 91, target 94-95: light positions, strict stop loss
Disclaimer: The above content is merely personal thoughts and viewpoint sharing and does not constitute trading advice
3.20 Crude Oil Oscillation Recovery, Pull Back Longs Are Just Picking Up Money
Crude oil oscillated at high levels yesterday, testing the $100 mark again during the session, but failed to hold steady and pulled back in the latter half of the night, retracing to around $92 at the low, with the daily line closing as a large bearish candle.
From the daily line structure, oil prices faced pressure at the $100 level and closed in red, forming a clear impact on both technical patterns and market sentiment. Although it has not broken below the 10-day moving average, it has already lost the 5-day moving average and formed a bearish engulfing pattern, with short-term price action likely to shift toward oscillation and recovery. From a market sentiment perspective, after consecutive gains, bullish momentum has weakened somewhat, and moderate technical consolidation is reasonable.
In the short term, focus on the struggle around the 5-day moving average at 95.0–95.5, which is also the middle band of the hourly chart's recent oscillation range. If it can reestablish above this level, the trend remains strong; if it continues to face pressure below, be alert to further technical pullback, with support at around $91. Once this support is broken, short-term prices may accelerate corrections; conversely, if it stabilizes again at $95, it may resume the uptrend.
Crude Oil Strategy: Light short on pull back to 92-91.5, stop loss at 91, target 94-95: light positions, strict stop loss
Disclaimer: The above content is merely personal thoughts and viewpoint sharing and does not constitute trading advice