Intense competition between bulls and bears,technical correction

The crude oil market is currently at an extremely sensitive equilibrium point. On the one hand, concerns about supply disruptions stemming from the geopolitical situation in the Middle East (particularly the closure of the Strait of Hormuz) continue to provide strong support. On the other hand, countries led by the United States, the G7, and Japan intervened together, forcibly cooling down oil prices by hinting at lifting sanctions and preparing to release strategic petroleum reserves (SPR). This pattern of "resistance above and support below" has led to sharp price fluctuations.

Key support zone: $84.70 - $85.00 This is a key area to watch. $84.70 is a recent area of concentrated hourly lows; while $85.00 is a psychological level and a short-term dividing line between bullish and bearish sentiment, which some traders consider a potential buying reference area.

Support level: $82.00 - $83.00. If the price breaks below this core area, this area will be the last line of defense for the bulls. $83.00 is considered a stronger downside support level, while $82.00 is a key support level for the short-term uptrend.

Key resistance level: $91.00. This level is a congestion zone from previous trading. If the price can break through $91.00, it means the short-term pullback is over and the upward trend is expected to resume.

If the upward trend continues, $96.80 is the next target, while $100.00 is a significant psychological resistance level.

Bullish Strategy (Looking for Buying Opportunities) Aggressive Strategy: If the price stabilizes around $86.85 and a rebound signal appears on the hourly chart, a small long position can be attempted. Targets are $89.00 or $91.00.

Conservative strategy: Wait for the price to pull back to the core support zone of $84.70 - $85.00. If the price finds support and rebounds in this area, it is a relatively safe area to consider buying. The stop loss can be set below $83.00.

Short selling strategy (finding selling opportunities): Shorting at resistance levels: If the price rebounds to the $89.00 - $90.00 resistance zone, but shows a clear sign of resistance and pullback (such as a long upper shadow), consider a small short position. Alternatively, consider shorting if the price encounters resistance around $91.00.

Breakout and shorting: If the price breaks below the support level of $84.70, the short-term trend may weaken. Consider shorting after a rebound, with a target of $82.00 or even $80.00.

We welcome all traders to share their opinions and let's discuss them together.

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