Crude oil has ended its downward trend and entered a low-level consolidation rhythm
As traders assess the impact of tariffs imposed by the United States on crude oil imports from Canada and Mexico (which may take effect on Saturday), West Texas Intermediate crude oil prices have risen slightly.
From the daily chart level, crude oil shows a medium-term trend test with a wide channel upper edge, followed by a subsequent decline that perfectly matches the fundamentals. The K-line continues to close with a solid bearish candlestick, and the moving average system shows signs of turning downward. The bearish momentum has the advantage, and the medium-term trend has returned to the range, with the overall trend being mainly downward within the range.
The short-term (1H) trend of crude oil entered a low range of oscillation rhythm, and oil prices fluctuated repeatedly, ending the continuous downward trend. In the morning session, oil prices rebounded from a low of 72.70, with both long and short positions tightly intertwined. From the level of 4H within the week, the objective trend is still downward. It is expected that crude oil will mainly fluctuate within the blue range within the day, with a range of 72.70-75.20. The rate is relatively high.
Today's crude oil trading strategy: Short sell on 75.10, stop loss: 76.00. Target 73.00;
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