From a technical perspective, the daily chart structure indicates that—following a rapid surge to a peak—oil prices have formed a temporary top. Subsequently, driven by news-related shocks, the market witnessed a high-volume "long bearish candle," signaling a shift in the short-term trend from strength to weakness. The current key support level is situated near $85; a breach of this level could lead to a further decline toward the $80 region. Conversely, overhead resistance is concentrated around the $95 mark, acting as a significant cap on prices in the short term. In terms of momentum indicators, the daily-level RSI has retreated rapidly from overbought territory, suggesting a significant waning of bullish momentum. The current rebound appears to be primarily a technical correction, and the market is likely to continue its volatile, downward-biased trajectory. Furthermore, the MACD indicator is expanding below the zero line, further reinforcing the downside risks in the short term.
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