On Tuesday (November 18th), US crude oil traded at $59.65 per barrel, maintaining a sideways trend. Fundamentally, recent risks such as the Russia-Ukraine conflict, the Middle East situation, and the stability of Venezuela persist, keeping the risk premium in the global energy market at a high level. While these events have not triggered significant supply disruptions, they are enough to keep investors cautious, thus providing some support for bullish sentiment. Overall, geopolitical uncertainty is becoming a key force limiting a rapid decline in oil prices.

Supply-side pressures are suppressing oil price increases. Although geopolitical risks persist, the market is more focused on the pressure from future supply increases. The recovery of production in several oil-producing countries, the expected increase in global inventory accumulation, and the lack of significant improvement in demand have resulted in a lack of fundamental momentum for a strong rebound in oil prices.

From a daily chart perspective, US crude oil maintains a weak and volatile pattern overall. Prices are trading below major moving averages, indicating significant trend resistance. The daily candlestick chart shows small-bodied fluctuations around $60, indicating that neither bulls nor bears have a clear advantage.

Technically, the RSI is in neutral to weak territory, showing no clear rebound signal; the MACD remains low and consolidating, indicating insufficient momentum. Key support remains around $58.30; a break below this level would open up further downside potential. $60.80 is a significant resistance level; failure to break through this level will likely prevent a reversal of the bearish trend in the short term. Overall, the daily chart suggests maintaining a slightly bearish bias, but a break below $59 would further strengthen the bearish structure, increasing the risk of a test of the $57 support level. Today's strategy: Short at $58.50, stop loss at $60.00, target $57.00.

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.