February 2, 2026 WTI Crude Oil Evening Analysis

This morning, Cheng Jingsheng's crude oil strategy and trend perfectly aligned, accurately capturing the market movement. Amid multiple bearish signals, the downtrend is clear. In the evening, rely on the rebound resistance to go short with the trend, and if the support level is broken, target new lows.

News-wise, WTI crude oil plummeted today, breaking below the $63 level. The main reason is the signals of peace talks from the US and Iran, which completely eliminated the geopolitical risk premium. Coupled with a strengthening dollar, the IEA warned that global oil oversupply will persist into 2026, and the supply-demand fundamentals remain weak. US crude oil inventories have been accumulating consecutively, dominated by bearish sentiment, with no signs of recovery in the short term.

Technically, oil prices broke below the key support level of $62.74. The daily MACD shows a significant increase in the green histogram, indicating continued bearish momentum. The hourly Bollinger Bands are opening downward, and moving averages are in a bearish alignment. Reuters technical analysis suggests a high probability of the price dropping to the $60.74–$61.85 range. The rebound is only a technical correction with no reversal signs. The resistance at $62.74 has turned into support and then resistance; the short-term strong resistance is at $63.5–$64.0. Support at $62.0 is weak; breaking below will accelerate the decline.

For evening trading, confidently short if the price rebounds to the $62.5–$62.7 range, with a stop-loss above $63.0. If the price stabilizes above resistance, consider abandoning the short position. The target is around $60.5–$61.1.

This is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's layout for specific actions!!!$BTC ‌#美联储人事与宏观政策影响