USOil Technical Analysis: Today, the price of oil is trading in a bearish trend, as it recorded its highest price so far at $68.61 per barrel and the lowest price at $67.38, and is currently trading at $68.04 per barrel.
USOIL Technical Analysis Technical Analysis:
Prices indicate trading below the moving averages indicators, which supports the current bearish trend. The MACD indicator also shows a negative trend, with some weakness in the downward force, which may indicate the possibility of a correction or stability in prices in the near term.
Expectations:
If prices continue to decline, the main support will be at the $67.38 level. If this level is broken, we may see further declines. On the other hand, if oil can surpass the $68.61 level, this may be a sign of a reversal in the trend.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 69.16 | 67.38 |
| Target Point 1 (TP1) | First resistance: 69.75 | First support: 66.58 |
| Target Point 2 (TP2) | Second resistance: 70.15 | Second support: 66.00 |
| Stop Loss (SL) | 67.38 | 69.16 |
Oil remains in a downtrend with clear technical support, but weaker downside momentum could signal a possible price stabilization. Traders should monitor technical levels and economic data that could impact the market.
