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3.17 Crude Oil Fluctuation and Pullback, US Market Analysis
During the European session, crude oil experienced a slight decline and consolidation, with short-term bullish momentum continuing to weaken and the price trend facing clear downward pressure. Currently, the price is mainly confined within the 93.0-98.0 USD per barrel range, lacking a definitive breakout direction.
On the 1-hour chart, the MA5/MA10/MA20 are arranged in a bearish alignment, with the price staying close below the moving averages. Rebounds are met with resistance at the moving averages, with the highs gradually decreasing and the lows gradually declining, indicating a typical weak oscillating downward trend. It is expected that crude oil still has room for further short-term decline, with particular attention to the key support level at 93.0 USD per barrel. If this support holds, a phase of stabilization and correction may occur. Resistance levels are at 97.5-98 USD per barrel. The US session strategy recommends short positions on rallies.
Crude Oil Trading Strategy: Short near 97-97.5, stop loss at 98, target 96
Disclaimer: The above content reflects personal analysis and opinions only and does not constitute trading advice.