USOIL Technical Analysis: Oil is trading in an upward trend today, as it recorded its highest price so far at 72.51, and the lowest price at 71.67, and is currently trading at 72.33.
USOIL Technical Analysis: Technical Analysis
Technically, oil is trading above the moving averages, which reinforces the support for the bullish trend at the moment. The MACD indicator also indicates a positive trend, reflecting strong bullish momentum that may continue to push prices higher in the short term.
Trading Expectations:
In light of these technical data, oil is expected to continue its bullish movements in the short term as long as trading continues above the moving averages. The market may witness some volatility, but the general trend supports the continuation of the rise. It is important to monitor the MACD indicator to ensure that the positive momentum continues and that there is no change in the trend.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 72.33 | 71.40 |
| Target Point 1 (TP1) | First resistance: 73.54 | First support: 70.86 |
| Target Point 2 (TP2) | Second resistance: 74.00 | Second support: 70.30 |
| Stop Loss (SL) | 71.40 | 72.33 |
Oil appears to be in an uptrend supported by prices trading above moving averages and positive momentum from the MACD indicator. The uptrend is expected to continue in the short term, providing trading opportunities in this direction as long as the positive momentum persists.
