USOIL Technical Analysis :Bearish Trading

USOIL Technical Analysis: Oil is trading in a bearish trend today, as it recorded its highest price so far at 75.75 and the lowest price at 74.86, and is currently trading at 75.42.

USOIL Technical Analysis: Technical Analysis

By analyzing the price action, it appears that oil is trading below the moving averages, which reflects the presence of a bearish trend at the present time. The MACD indicator also indicates a negative trend, which adds weight to the hypothesis that confirms the continuation of the downward trend in the near future.

Trading Expectations:

In light of the continued trading below the moving averages and negative signals from MACD, oil is expected to continue moving in a bearish trend in the coming hours. The market may witness further downward pressure if the upward momentum continues to weaken.

USOil Technical Analysis

Trading strategies based on Buy/Sell level

USOIL In case of buying           in case of selling
Entry point 76.44 74.71
Target Point 1 (TP1) First resistance: 77.08 First support: 73.92
Target Point 2 (TP2) Second resistance: 77.40 Second support: 73.40
Stop Loss (SL) 74.71 76.44

 

Based on the current technical analysis, the downtrend in oil appears to be continuing, with confirmations from the moving averages and MACD. It is advisable to be cautious in trading oil and focus on following any changes in the downward momentum.

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