USOil Technical Analysis: Today’s oil price, in the global oil market, is trading at $68.13 per barrel. According to the technical analysis, the current trend indicates a weak upward trend with prices trading below the moving average intersections, and the MACD indicator shows a negative trend
Accordingly, we can sell while waiting for the price to drop to $67.21, and we will target $66.00 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss at $69.51 per barrel.
USOIL Technical Analysis: On the other hand
In case of breaking the buy zone at $69.51 per barrel, the additional resistance level at $70.40 per barrel can be targeted.
USOiIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 68.90
- First Resistance: 68.66
- Pivot Level: 68.23
- First Support: 68.23
- Second Support: 67.99
