WTI Crude Oil Morning Analysis: Range-bound Fluctuations Await Breakout, Focus on Buying on Dips

Oil prices fluctuate regularly; a slight pullback after yesterday's rally is nothing to panic about. Returning to the present, the key to the morning market is support levels and rhythm. Seize low-entry opportunities, prioritize stability.

From a news perspective, yesterday WTI crude oil closed down 0.72% at $60.63 per barrel, mainly due to the resumption of production at Kazakhstani oil fields and the reopening of Black Sea ports, which improved supply expectations. This offset the positive impact of winter storms in the US causing production cuts, combined with forecasts from EIA and other agencies predicting continued crude oil inventory buildup by 2026. However, OPEC+ plans to maintain the pause on March production increases, geopolitical risks between Iran and the US still exist, and the Federal Reserve's rate cut expectations are positive for commodities. Short-term volatility remains, but the overall pattern is stable at low levels with a medium-term bias toward strength.

Technical analysis shows WTI crude at $60.50 per barrel, down slightly by 0.21%. The daily candlestick indicates a high-level pullback trend. Short-term moving averages are bullish but with a large divergence, indicating a need for correction. On the hourly chart, support is strong at $60.0-$60.2, while resistance is clear at $61.0-$61.2. Expect probable consolidation in the morning, watch for breakout directions.

Trading suggestion: Buy on dips within the $60.0-$60.3 range, targeting $61.0-$61.5, with a stop loss below $59.5. If prices fall below $59.5, wait and see for stabilization signals before entering.

The above content is for reference only and does not constitute investment advice. Please follow Cheng Jingsheng's layout for specific strategies!#WTI原油期货价格，也很符合谐波，完成大级别的Bullish看涨蝙蝠形态后，正常小幅拉盘，目前价格80附近，1月12日将要公布美国12月末季调