USOil Technical Analysis Oil closed last week, in the global oil market at a price of $69.45 per barrel. According to the technical analysis, the current trend indicates a weak bearish trend with prices trading below the moving average intersections, and the MACD indicator shows weak negative signals
Accordingly, it is possible to sell in the first sessions of this week in the Asian session from the decline to a price of 69.06, and we will target $68.59 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss at $69.96 per barrel.
USOIL Technical Analysis: On the other hand
In case of breaking the buy zone at $69.96 per barrel, the additional support level at $70.23 per barrel can be targeted.
USOIL Technical Analysis: Resistance and support levels
- Second resistance: 69.88
- First resistance: 69.65
- Pivot level: 69.46
- First support: 69.21
- Second support: 69.08
