On Wednesday, the crude oil market showed a trend of rising first and then falling. After climbing to around $70.7, the oil price encountered selling pressure and turned downward. It found support and stabilized at $69.37, and finally closed at $69.446. From the daily chart, a negative inverted hammer line with a long upper shadow was recorded. Its high point broke through the previous high, but the low point did not fall below the previous low. The daily level showed an adjustment pattern, and there were obvious signs of pressure above.
At the four-hour level, the Bollinger Bands showed a wide flat trend, and the oil price was blocked and fell when it touched the upper track of the Bollinger Bands. The previous support level below is in the $68.8 area. Once the support is effectively broken, it may trigger further downward momentum. The short-term resistance level above is at the $69.8 level. Given that the oil price has risen and fallen again, a bearish trend may gradually form. As for today, the short-term focus on the resistance of the 70.5 to 71.0 USD range is the upper side, and the focus on the support of the 68.0 to 67.5 USD range is the lower side.
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