Crude Oil Weekly Review: Entering a "News Quiet Period," Technicals Dominate Slow Uptrend

Compared to the emotional tug-of-war seen in gold, the crude oil market has been relatively quiet this week. The lack of major catalysts such as sudden geopolitical escalations or a surprise OPEC+ production cut has kept prices from breaking out into a sustained rally.

However, from a technical perspective, the previous volume-driven surge on the daily chart has laid the groundwork for the future trend. As long as prices do not effectively break below the initial point of that upward move, the bulls' defensive formation at the bottom remains solid.

Looking into early next week, the strategy can continue with a "primarily long positions on dips, with short positions on rallies" oscillation bias. Key support is at the $61-60 region—this is the current last line of defense for the bulls, and a pullback without breaking below this level can be seen as a window for phased low-cost accumulation. Resistance above is set around the $65-66 zone, serving as the upper boundary of the range. This area has dense resistance, and once long positions reach this level, it is recommended to lock in profits promptly.

Of course, if oil prices can strongly break above the $66 mark, it would indicate that the bottom structure is established, and the trend could further reverse upward, allowing for a bullish outlook.