On Friday (November 21st), during the Asian session, US crude oil continued to decline, falling for the third consecutive day to near previous lows, currently trading around $58.40 per barrel. Overall volatility increased significantly as the Ukrainian president expressed willingness to work on a preliminary peace plan proposed by the US and Russia.

Market surveys indicate that US sanctions against two major Russian energy companies are about to take effect, causing some short-term tension in the global supply chain. From the demand side, the recovery pace of global energy demand is uneven, and fluctuations in demand from Asian countries and other emerging markets further weaken the upward momentum of crude oil prices. Against the backdrop of weak supply and demand, any expectation of increased supply related to peace progress will be amplified by the market, thus suppressing price rebounds.

From a daily chart perspective, US crude oil prices have recently been consolidating in a weak range around $58 to $60, with the candlestick pattern showing a typical downward trend. Short-term moving averages are trending downwards, and prices have repeatedly encountered resistance near the 9-day moving average, indicating limited short-term rebound potential.

Meanwhile, the 14-day RSI remains in the neutral-to-weak zone, reflecting insufficient buying momentum and the lack of a clear trend reversal. If prices break below the recent key support level of approximately $58.00, it could trigger further downside; conversely, a break above the $60.8-$61 resistance zone would offer a chance to reverse the current bearish structure. Today's strategy: Buy at $60.00, stop loss at $58.00, target $61.00.

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.