USOIL Technical Analysis: Today, the oil market is trading in a bearish trend, as it recorded a high price so far at 68.62 and a low price at 67.08, and is currently trading at 67.57. These movements indicate that there is ongoing selling pressure, with prices trading within a relatively narrow range, but the overall trend is still bearish.
USOIL Technical Analysis: Technical Analysis
Technically, oil is trading below most of the moving averages on various time frames, which reinforces the current bearish trend. Trading below these averages indicates a preference for sellers, as selling pressure clearly dominates the market.
As for the MACD indicator, the indicator shows a clear negative trend, reflecting the continued strength in the downward trend. The relative weakness in the negative momentum may be an indication of a decline in the bearish strength in the near future, but so far, there are no strong signs of a reversal of the trend.
Expectations and Implications:
In this bearish trend, we are likely to see further pressure on prices if trading continues below the key resistance levels at 68.00 and 68.50. If demand remains weak or global economic concerns increase, we may see prices continue to fall towards the next support levels around 67.00 or 66.50.
On the other hand, any new economic developments or improvement in economic data may help stop the decline in prices.
but it requires the emergence of strong support signals in the short term.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 68.62 | 67.08 |
| Target Point 1 (TP1) | First resistance: 69.24 | First support: 66.21 |
| Target Point 2 (TP2) | Second resistance: 69.69 | Second support: 65.80 |
| Stop Loss (SL) | 67.08 | 68.62 |
Oil is trading in a downtrend today, supported by prices trading below the moving averages and the MACD indicator which indicates negative momentum. As the downtrend continues, prices could continue to decline towards nearby support levels. The market remains on the lookout for economic or geopolitical factors that could change the price path in the near future.
