On Wednesday (November 19th), US crude oil traded around $60.68 per barrel. On Tuesday, oil prices fluctuated higher under the influence of multiple factors. US President Trump announced that he had begun interviewing candidates for the next Federal Reserve Chairman, boosting market risk appetite. Bitop analysts pointed out that the market expects the new chairman appointed by Trump to implement a more accommodative monetary policy, and lower borrowing costs typically help stimulate oil demand.

On the geopolitical front, the US Treasury confirmed that the sanctions against Russian oil companies and Lukoil, implemented since October, have begun to take effect, not only squeezing Russia's oil revenues but also expected to further limit its future export volume, raising market concerns about tightening supply.

From a daily chart perspective, and in a localized context, crude oil is currently in a secondary consolidation phase. The previous trading day's candlestick closed with a large bearish candle, engulfing the gains of the previous three trading days. However, the secondary consolidation pattern remains unchanged. The MACD indicator is below the zero line, indicating that bullish momentum still needs to accumulate further strength. It is expected that crude oil will find support at its medium-term lows and then rebound.

In the short term (1H), crude oil has broken through the upper edge of its secondary trading range and is trending upwards. The moving average system is in a bullish alignment, indicating an upward short-term trend. The MACD indicator is above the zero line and coincides with the red bars, suggesting strong bullish momentum. Oil prices are currently trading in a narrow range, and it is expected that crude oil will continue to rise and reach new highs throughout the day. Today's strategy: Buy at 60.30, stop loss at 59.30, target 62.00.

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.