On Thursday (April 9th) during Asian trading, US crude oil rebounded by over 2.5% after touching around $91 per barrel, trading near $96.80 per barrel. Prices may continue to rise during the day. International oil prices have re-entered a consolidation pattern after experiencing significant volatility. Previously, the market quickly digested the risk premium due to ceasefire expectations, causing US crude oil to experience a single-day plunge of approximately 14%, marking the largest drop since April 2020. However, as the market reassessed the uncertainty of the Middle East situation, oil prices rebounded rapidly, and US crude oil has now returned to around $97 per barrel, indicating that supply-side risks still dominate price movements.

The market's primary focus remains on the passage through the Strait of Hormuz. This strait plays a crucial role in global energy transportation, handling approximately 20% of global seaborne crude oil shipments. Earlier reports indicated that the attack had suspended tanker traffic. Although there were subsequent signs that shipping lanes were gradually reopening, the market generally believed that normal operations had not yet fully resumed. This uncertainty directly fueled supply concerns, making a sustained downward trend in oil prices unlikely.

On the daily chart, US crude oil prices rebounded after a rapid decline, but remain within a high-level consolidation range, exhibiting a trend of rising central pivot points. The current level around $90 forms key support; this level is both a previous pullback low and a key support/resistance level. A break below this level could trigger further downside. On the upside, there is resistance at the $100 psychological and technical level. In terms of momentum, daily indicators show some release of bearish momentum, but a trend reversal signal has not yet formed.

In the short term (1H), crude oil is consolidating at low levels, fluctuating around $90. The moving average system is suppressing oil prices, and the short-term objective trend remains downward. The MACD indicator has formed a golden cross at a low level below the zero line, indicating that bearish momentum still dominates. Crude oil is expected to continue its downward trend with fluctuations throughout the day. Today's strategy: Short at 103.40, stop loss at 106.20, target 100.00.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.