The price of oil today, in the global oil market, is trading at $75.77 per barrel. According to the technical analysis, the current trend indicates the beginning of a downward trend with prices trading below the moving average intersections, and the MACD indicator also shows the end of the positive trend and the beginning of the negative trend
Accordingly, it is possible to sell from the decline to a price of 75.20 and we will target $74.27 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss at $76.98 per barrel.
Oil Technical Analysis: On the other hand
In case of breaking the buy zone at $76.98 per barrel, the additional support level at $77.62 per barrel can be targeted.
Oil Technical Analysis: Resistance and support levels
- Second resistance: 76.59
- First resistance: 76.26
- Pivot level: 76.06
- First support: 75.73
- Second support: 75.53
