USOIL Technical Analysis: Oil prices have been under severe downward pressure in recent days following a series of negative US economic data and an unexpected rise in oil inventories, raising concerns about a slowdown in global demand. While geopolitical tensions continue, the greatest impact remains the US Federal Reserve’s monetary policy expectations, which indicate that interest rates will remain higher for longer than expected.
USOIL Technical Analysis: Price Overview on the H4 Chart
- High 63.61
- Low 61.03
- Current Price 63.59
WTI Technical Indicators Analysis
General Trend:
The medium- to short-term trend is bearish, especially after a clear break of the 65.50 support level, but there are signs of a possible upward correction after the significant oversold period. MACD
The indicator is still in the negative zone, but the bars have narrowed, indicating a decline in selling momentum, with a potential bullish crossover imminent in the short term.
Stochastic Oscillator
It has exited the oversold zone and is heading upwards, indicating a potential technical rebound, especially if it succeeds in surpassing the 30 level.
Crude Oil Trading Forecast Today
Buoyant Scenario:
If the price succeeds in holding above 65.51 and surpassing 66.69, we may witness an upward wave towards 67.10, supported by technical corrections or a decline in US oil inventories in upcoming data.
Negative Scenario:
If the price fails to surpass 65.51 and declines below 61.66, we may see a return to the decline towards 59.99 and then the 59.40 levels.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 65.51 | 61.66 |
| Target Point 1 (TP1) | First resistance: 66.69 | First support: 59.99 |
| Target Point 2 (TP2) | Second resistance: 67.10 | Second support: 59.40 |
| Stop Loss (SL) | 61.66 | 65.51 |
WTI crude oil prices are experiencing a period of intense volatility following a rapid decline. Current movements indicate the beginning of a technical consolidation at a strong support area near $61.66 per barrel. With positive momentum indicators showing signs of a temporary rebound, the market may see a temporary rebound, but remaining below $65.51 will maintain negative pressure. Investors are advised to follow US inventory data and OPEC reports for confirmation of the upcoming trend.
