During the three days of market closure, Russia further cut production and the geopolitical situation escalated again, which led to today's crude oil opening rising and reaching new highs.
Crude oil consolidated on the K-line last week, and was gathering momentum to consolidate at a high level. The space recovered, but the short-term long and short kinetic energy was insufficient. The daily retracement space was not large, and the sustainability was not strong. While it was gaining momentum, it just lacked a little unilateral momentum. Yesterday, it stabilized slightly near the middle track of Bollinger Band. The middle track and the upward trend line 80.0-80.50 are still the key support points. The low and long thinking can be maintained before falling. In the 4-hour chart, it dipped for the second time and stabilized near 80.50. It had also formed support here at the beginning of the week and fluctuated upward. It is currently continuing to gather momentum around the low point, but the unilateral momentum is insufficient and it has entered a see-saw consolidation. The top short-term focus is on the resistance of 84.5-85.0, and the bottom is focused on the first-line support of 82.0-81.5
oil:sell84.5-85
tp:84-83.5
sl:85.5
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Comment:
Overall, WTI crude oil futures prices have recently been hovering around the 50.0% Fibonacci level of 81.50 and formed a pennant pattern, indicating that there may be an important breakthrough in the coming trading days. As geopolitical risks continue to intensify, the oil market will continue to be affected by multiple factors. Investors need to pay close attention to market dynamics and be prepared to respond to risks.
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Comment:
The current situation is in a consolidation stage. As the market formed a double-bottom pattern near 80.30, a series of K-lines were recorded in the market outlook, which fluctuated upward.