USOil Technical Analysis: Today, the price of oil is trading in a weak downtrend, as it rose from $66.76 per barrel to $69.27 per barrel, and the current price of oil is $68.82 per barrel. The difference in prices indicates a weakness in the downtrend, reflecting the market volatility.
USOIL Technical Analysis Changes and Prices:
The current price movement shows that oil is facing downward pressure, but the recent rise highlights the presence of a noticeable demand in the market. This dynamic indicates a relative balance between buying and selling forces.
Technical Analysis:
When examining the moving average indicators, we find that prices are trading below these averages, indicating the continuation of the downward pressure. However, there are signs of an attempt to adjust the trend, as oil seeks to trade above the averages.
In addition, the MACD indicator shows a weak negative trend, indicating a decline in the strength of selling pressure. This means that sellers may lose control, opening the way for the possibility of a trend reversal.
Future Outlook:
Oil is expected to continue its current volatility, with a temporary upside potential if it manages to hold above $69. Traders should watch the support levels at $68.00 and $67.50, as a break of these levels could lead to further declines.
Trading strategies based on Buy/Sell level
USOIL | In case of buying | in case of selling |
Entry point | 70.20 | 68.04 |
Target Point 1 (TP1) | First resistance: 71.03 | First support: 67.10 |
Target Point 2 (TP2) | Second resistance: 71.40 | Second support: 66.40 |
Stop Loss (SL) | 68.04 | 70.20 |
Oil price currently has signs of weakening downtrend, opening the door for a possible uptrend. Traders are advised to carefully monitor price movements and follow well-thought-out trading strategies to achieve positive results.