3.20 Crude Oil Oscillation Recovering, Pullback and Going Long Is Picking Up Money

Crude oil oscillated at high levels yesterday, testing the $100 mark again during the session, but failed to hold steady and pulled back in the latter half of the night, retreating to around 92 at the low point, with the daily line closing a large bearish candle.

From the daily structure perspective, oil prices came under pressure at the 100 level and closed bearish, forming a clear impact on both technical patterns and market sentiment. While the 10-day moving average has not been broken yet, the 5-day moving average has been lost, and a bearish engulfing pattern has formed, with short-term price action likely to transition into oscillation and recovery. From a market sentiment perspective, after consecutive gains, the momentum of bulls has weakened somewhat, and moderate technical consolidation is reasonable.

In the short term, we should focus on the 5-day moving average at 95.0-95.5, which also represents the middle rail of the recent oscillation range on the hourly chart. If we can stand above this level again, the trend remains strong; if it continues to be pressured below, we need to be alert to technical pullbacks extending further, with support at around 91. Once that support is broken, short-term price may accelerate lower; conversely, if we stabilize above $95 again, an upward trend may resume.

Crude Oil Strategy: On pullback to 92-91.5, light short positions with stop loss at 91, target 94-95: light positions, strict stop loss

Disclaimer: The above content is only for personal thoughts and viewpoint sharing and does not constitute operational advice.