On Friday (January 9th) during the Asian session, US crude oil traded around $58.40 per barrel. Driven by supply-side factors, oil prices rebounded sharply on Thursday, rising over 3% to close at a two-week high. The rise was mainly driven by several supply-side factors. The market assessed developments in Venezuela. Following the US announcement of a $2 billion oil deal, representatives from US and European oil companies are preparing to visit the country next week; meanwhile, the US seized two oil tankers linked to Venezuela.

Meanwhile, potential supply risks from other major oil-producing countries continue to accumulate. An oil tanker bound for Russia was attacked in the Black Sea; in Iraq, due to US sanctions against Russia's Lukoil, the nationalization process of the West Qurna 2 oil field is underway, all of which have exacerbated market concerns about supplies from Russia, Iraq, and Iran.

From the daily chart of US crude oil, after a continuous pullback, it found effective support near $57, and the price has returned above the lower edge of the previous trading range, indicating that buying pressure has begun to emerge. In terms of candlestick patterns, Thursday's close was a large bullish candle, essentially covering the previous day's losses, forming a rebound and correction structure, indicating a significant weakening of short-term bearish momentum.

Crude oil's short-term (1-hour) trend has seen a second downward move to a new low, although the decline has slowed compared to the previous trading day. The moving average system is bearishly aligned, and the short-term objective trend remains downward. The MACD indicator is intertwined below the zero line, indicating that bearish momentum is dominant. It is expected that crude oil will see a slight rebound during the day, but there is still a risk of further decline. In summary, the recommended trading strategy for crude oil today is to primarily sell on rallies and secondarily buy on dips, with short-term resistance at 59.5-60.5 and short-term support at 56.8-55.8.

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.