3.17 Crude Oil Oscillation Falls Back, US Session Trend Analysis

Crude oil showed a slight pullback and adjustment during the European session, with short-term bullish momentum continuing to weaken, and the trend forming obvious pressure on the bulls. Currently, prices are overall compressed and consolidating within the 93.0-98.0 USD/barrel range without forming an effective breakout direction.

From the 1-hour chart perspective, MA5/MA10/MA20 show bearish alignment, with prices continuously running below the moving average, bounces encountering moving average resistance, with bounce highs gradually declining and lows gradually probing lower, representing typical weak oscillation downtrend. It is anticipated that crude oil short-term still has further downside adjustment space. Key attention should be paid to the critical support level at 93.0 USD/barrel. If support holds, a phase consolidation and rebound may follow. Upper side attention on 97.5-98 USD/barrel resistance. US session suggestion: bearish bias.

Crude Oil Strategy: Short near 97-97.5, stop loss 98, target 96

Disclaimer: The above content is only personal thoughts and viewpoint sharing, not constituting operational advice.