During the Asian session on Monday (October 27th), US crude oil traded around $62 per barrel. Market research indicates that US and Chinese negotiators reached agreement on several key points, paving the way for a high-level meeting between the two sides. The market believes this will help reduce downward pressure on the global economy and thus improve the crude oil demand curve. Furthermore, the US's previously threatened large-scale tariff plan is seen as a short-term retreat signal, leading to a rebound in risk assets overall.

On the other hand, US sanctions against major Russian energy companies are having a secondary impact. Due to a significant decline in purchases from major Asian countries and India, buyers are seeking alternative sources of supply, easing trading sentiment that had previously been concerned about loose supply. Expectations of tightening supply have played a significant supporting role in this rebound.

From the daily crude oil chart, US crude oil has stabilized around $61.5, with the MACD showing signs of convergence, and the moving average structure shifting into a correction phase. The short-term trend favors a volatile, but if trading volume fails to expand or trade sentiment fluctuates, oil prices could still retest moving average support. In the short term, prices are entering a concentrated pressure zone. A failure to break above $62.50 could lead to a further decline. A directional move after this pressure test is pending.

Crude oil is experiencing a short-term (1H) consolidation pattern at a high level, with prices repeatedly crossing the moving average. The objective short-term trend is sideways fluctuations. Regarding momentum, the MACD indicator opened above the zero axis and then retreated to near zero, stalemate between bulls and bears. The probability of crude oil prices continuing to rise is relatively high. Based on the above, today's crude oil trading recommendation: go long at $61.00, stop-loss at $60.40, target at $63.00.

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.