3.20 Crude Oil Oscillation Recovery, Pullback Long is Picking Money

Crude oil oscillated at high levels yesterday, testing the $100 mark again intraday, but failed to hold and pulled back in the latter half of the night, retracing to around 92 at the low point, with the daily line closing a large bearish candle.

From the daily structure perspective, oil prices faced pressure at the 100 level and closed bearish, forming a clear impact on both technical patterns and market sentiment. Although it has not broken below the 10-day moving average, it has lost the 5-day moving average, and formed a bearish engulfing pattern, with short-term price action likely to shift toward oscillation and recovery. In terms of market sentiment, after consecutive gains, bullish momentum has somewhat weakened, and appropriate technical consolidation is reasonable.

For short-term analysis, the upper focus is on the 5-day moving average at 95.0-95.5 area, which is also the midline of the recent oscillation range on the hourly chart. If it can re-establish above this level, the trend remains strong; if it continues to face pressure below, remain alert as technical pullbacks may extend further, with support below at 91. Once this support breaks, short-term declines may accelerate; conversely, if it re-stabilizes at $95, it may resume upside momentum.

Crude Oil Strategy: Tap back at 92-91.5 light short position, stop loss 91, target 94-95: light position, strict stop loss

Disclaimer: The above content is merely personal thoughts and viewpoints sharing, and does not constitute trading advice.