3.20 Crude oil oscillation recovery, pullback for long is picking up money

Crude oil fluctuated at high levels yesterday, probing the $100 mark again during the session, but failed to hold steady and pulled back in the second half of the night, retracing to near 92 at the low point, closing with a large bearish candlestick on the daily chart.

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 hasn't 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 towards oscillation and recovery. In terms of market sentiment, after consecutive gains, bullish momentum has somewhat weakened, and moderate technical consolidation is reasonable.

In the short term, focus on the struggle around the 5-day moving average at 95.0–95.5, which also represents the middle band of the hourly chart's recent oscillation range. If it can stand back above this level, the trend remains strong; if it continues to face pressure below, remain vigilant as technical retracement may continue, with the support level near 91. Once this support is broken, short-term pullback may accelerate; conversely, if it stabilizes back above $95, it may resume the uptrend.

Crude oil strategy: Retest 92-91.5 light short position, stop loss 91, target 94-95: light position, strict stop loss

Disclaimer: The above content is only a personal sharing of thoughts and views, and does not constitute operational suggestions