The crude oil price started a rebound after testing to a critical support level on the previous trading day, and the main reason for the rebound was stimulated by positive news. Finally, a sharp reversal was formed on the technical chart after a sharp decline. From the current technical chart, it can be seen that crude oil prices have the ability to continue to rise. However, if such a rising ability cannot be driven by news, it is just a cover.
This morning, crude oil prices experienced a certain bearish opening, and as of now, the market has fallen back below the moving average. If there is no absolutely positive news to stimulate, crude oil is highly likely to continue to decline after jumping short, thus ending the rebound rhythm.