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January 15 WTI Crude Oil Morning Review: Encountering Resistance and Pulling Back, 60.5 is a Key Support Level
WTI crude oil prices briefly reached a high of 62.2 overnight before quickly retreating. The 4-hour chart shows a downward pressure after hitting a high.
From the market observation, there is significant selling pressure above the 62.0 level, reflecting insufficient bullish momentum. Technically, the 4-hour MACD shows the red bars continuously shrinking, with DIF and DEA approaching a death cross, indicating short-term market sentiment is bearish.
The key support level is around 60. If maintained, the oil price may rebound to test the 61.5-62.0 resistance zone; once broken, it could further decline to the 59 integer level.
The above is my personal analysis, for reference only, and does not constitute investment advice.