1.16 Morning Crude Oil Outlook: 59 Level Fluctuations, Bearish Tone Unchanged

Yesterday, oil prices plummeted over 4% from a three-month high of 62.36, breaking below the 61 and 60 levels, closing near 59 dollars. Today, the market opened at 59.304, entering a narrow range with intensified bullish and bearish battles. The 4-hour chart shows that after breaking the level, prices are consolidating at a lower range. The MACD green bars continue to lengthen, and the death cross remains, indicating that bearish momentum is still being released, and downward pressure persists.

Support level: 59 is the core support. A break below could target 58.5-58.0.
Resistance level: Initial rebound encounters 59.8-60.0; a breakthrough would focus on the strong resistance at 60.82.

Short positions: Enter lightly on rebounds at 59.5-59.8, with a stop loss at 60.3, aiming for 59.0-58.5; if broken, target 58.0.

Long positions: After stabilization at 58.5-59.0, enter lightly, with a stop loss at 58.0, aiming for 59.5-59.8, and take profit near 60.