USOIL Technical Analysis: Today, oil is trading in a bearish trend, as it declined from its highest price at $68.63 per barrel to reach a low price at $66.78. Currently, oil is trading at $67.18, reflecting continued selling pressure in the market.
USOIL Technical Analysis: Technical Analysis
Chart analysis shows that prices are trading below the moving averages, which supports the downward trend. The MACD indicator is also showing a negative trend, which reinforces the negative outlook for oil and indicates the possibility of continued selling pressure.
Today’s Outlook
If the downward trend continues, oil may face important support levels at $66.78, while the current resistance level at $68.63 will be pivotal in determining the next price movement.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 68.53 | 66.60 |
| Target Point 1 (TP1) | First resistance: 69.25 | First support: 65.49 |
| Target Point 2 (TP2) | Second resistance: 69.65 | Second support: 64.89 |
| Stop Loss (SL) | 66.60 | 68.53 |
Oil appears to be in a bearish trend supported by selling pressure. We recommend monitoring support and resistance levels closely, as a break of $66.78 could lead to further declines, while any attempt to break $68.63 could reflect a reversal in the trend.
