USOil Technical Analysis: Oil is trading today at the beginning of a bearish trend, as it recorded its highest price so far at 69.23 and the lowest price at 68.41, while it is currently trading at 68.98.
USOIL Technical Analysis: Price Action Analysis
Oil is showing a bearish movement as it is trading below the moving averages, which reinforces expectations of a continuation of the bearish trend in the short term. Trading prices below the moving averages reflects weak upward momentum and indicates the possibility of continued negative pressure on prices.
MACD Indicator:
MACD Indicator indicates the emergence of a negative trend, as a negative intersection appears between the MACD line and the signal line. This indicates increasing selling pressure on oil and the possibility of a continued decline in the coming period.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 69.80 | 68.61 |
| Target Point 1 (TP1) | First resistance: 70.32 | First support: 67.88 |
| Target Point 2 (TP2) | Second resistance: 70.59 | Second support: 67.20 |
| Stop Loss (SL) | 68.61 | 69.80 |
Based on technical analysis, oil is currently trading in a bearish range with negative signals from the MACD and prices trading below the moving averages. If the negative pressure continues, the downtrend is expected to continue in the short term.
