On Thursday (April 17) in the Asian session, the US traded around $62.27 per barrel. Oil prices rose nearly 2% on Wednesday, reaching a two-week high. The Trump administration of the United States announced on Wednesday that it would expand restrictions on Iranian oil exports, including a "local refinery" located in a major Asian country, showing that the United States has taken more radical pressure measures at a time when negotiations on Iran's nuclear program are deadlocked.

On Wednesday, OPEC confirmed that it had received a "compensatory production reduction plan" submitted by countries including Iraq and Kazakhstan to deal with their earlier production exceeding the quota. This also strengthened the market's expectations of tighter supply in the coming weeks, further boosting crude oil futures prices. In addition, data released by the U.S. Energy Information Administration (EIA) showed that U.S. gasoline and distillate inventories fell sharply, while crude oil inventories increased less than market expectations, strengthening the judgment that consumption will pick up.

At present, the market has shown an upward trend in the range of shocks, and the head and shoulders bottom pattern has taken shape. It has been constrained by the upper resistance of $63.3 and has been unable to break through. If there is an unexpected event in the near future, it will still test the right shoulder position of $65. The MACD indicator moving average has turned around, the kinetic energy column is shrinking towards the zero axis, and the RSI indicator is also moving towards the supply and demand midline. From a large-scale perspective, crude oil still has a strong upward trend of shocks.

Today's idea: Continue to sell high and buy low in the shock range. The current trend is close to the high point of yesterday night. Observe whether the upper resistance of $63 can be effectively broken through. If it breaks up and looks at the resistance of $64.5, enter the range to short, target $63, stop loss $66.

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.