USOIL Technical Analysis Oil closed last week on the global oil market at $66.92 per barrel. According to technical analysis, the current trend indicates a downward trend with prices trading below the moving average crossovers, and the MACD indicator is showing negative signals.
Accordingly, selling may occur in the first session of this week in the Asian session, from a drop to 66.04, and we will target 64.88 per barrel as a profit-taking target. To ensure risk control, it is recommended to place a stop-loss point at the $68.05 per barrel area.
USOIL Technical Analysis: On the other hand,
if the buy zone at 68.05 per barrel is broken, an additional support level at $68.83 per barrel could be targeted.
USOIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 67.15
- First Resistance: 67.00
- Pivot Level: 66.95
- First Support: 66.80
- Second Support: 66.70
