American session, date: 7/24/2024
Introduction and overview
In this technical analysis, we will examine oil performance by reviewing key price trends, important technical levels, and current trading patterns. We will use a set of technical tools and indicators to provide a comprehensive and in-depth view of the movement of oil in the market. Oil is currently trading at $77.51 per barrel. Prices are trading above most of the moving average intersections, indicating a weak bearish trend, indicating the possibility of the trend turning bullish. The MACD indicator shows a weak negative trend, which enhances the positive prospects for oil
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 77.82 | 76.83 |
| Target Point 1 (TP1) | First resistance: 78.48 | First support: 76.41 |
| Target Point 2 (TP2) | Second resistance: 78.90 | Second support: 76.20 |
| Stop Loss (SL) | 76.83 | 77.82 |
Conclusion
These strategies are based on determining the price’s location relative to support and resistance levels, and suggest the best ways to profit from price movements based on these indicators. Traders should carefully monitor these levels to identify optimal opportunities to enter and exit the market, while adhering to appropriate risk management strategies to protect their investments.
