USOil Technical Analysis :Today’s oil price, in the global oil market, is trading at $69.72 per barrel. According to the technical analysis, the current trend indicates a downward trend with prices trading below the moving average intersections, and the MACD indicator shows a weak negative trend direction
Accordingly, it is possible to sell from the decline to a price of 68.86 and we will target $67.85 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss at $71.11 per barrel.
USOIL Technical Analysis: On the other hand
In case of breaking the buy zone at $71.11 per barrel, the additional support level at $71.89 per barrel can be targeted.
USOIL Technical Analysis: Resistance and support levels
- Second resistance: 71.34
- First resistance: 70.51
- Pivot level: 69.92
- First support: 69.09
- Second support: 68.50
