3.20 Crude Oil Oscillates for Recovery, Pullbacks Present Buying Opportunities

Crude oil fluctuated at high levels yesterday, testing the $100 mark intraday again, but failed to hold steady and retreated in the latter half of the night, pulling back to around $92 at the low, closing with a large bearish candle on the daily chart.

From a daily chart structure perspective, oil prices faced pressure at the $100 level and closed bearish, creating a clear impact on both technical patterns and market sentiment. Although it has not yet broken below the 10-day moving average, it has lost the 5-day moving average, forming a bearish engulfing pattern. The short-term trend is likely to shift toward oscillation and recovery. In terms of market sentiment, after consecutive rallies, bullish momentum has weakened somewhat, and a moderate technical consolidation is reasonable.

On the short-term side, focus on the struggle around the 5-day moving average at 95.0–95.5, which is also the midline of the hourly chart's recent oscillation range. If it can re-establish above this level, the trend remains strong; if it continues to face pressure below, we should be alert to further technical pullbacks. The support level below is around $91; once this support is broken, short-term rallies could accelerate; conversely, if it re-establishes stability above $95, it could resume an uptrend.

Crude Oil Strategy: Light short position on pullback to 92-91.5, stop loss at 91, target 94-95; light position size, strict stop loss.

Disclaimer: The above content is merely a personal perspective and viewpoint sharing and does not constitute trading advice.