3.17 Crude Oil Oscillation and Decline, US Session Technical Analysis

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

On the 1-hour chart, MA5/MA10/MA20 are in bearish alignment, with prices continuously running below the moving average lines. Any rebound immediately encounters moving average resistance, with declining rebound highs and progressively lower lows, representing typical weak oscillatory downtrend. It is expected that crude oil may have further downside adjustment space in the short term. Key attention should be paid to the 93.0 USD/barrel support level. If support holds, a phase consolidation and recovery may follow. Upside resistance to watch: 97.5-98.0 USD/barrel. The recommended approach for the US session is to go short on highs.

Crude Oil Strategy: Short near 97-97.5, Stop Loss at 98, Target 96

Disclaimer: The above content is only for personal thought and perspective sharing, and does not constitute operational advice.