USOil Technical Analysis: Today, the price of oil is trading at the end of a downtrend and the beginning of an uptrend, as it recorded its highest price so far at $71.21 per barrel and the lowest price at $70.03, with current trading at $70.57 per barrel. This movement indicates a potential shift in the general direction of the market.
USOIL Technical Analysis: Price Analysis
Trading appears above the moving average indicators, reflecting strong support for the uptrend. This situation enhances the chances of continuing the rise in prices in the near term.
Technical Analysis
The MACD indicator indicates the beginning of a positive trend, reflecting the increase in buying momentum. This signal reinforces expectations of rising prices, which may indicate a return to demand for oil.
Trading Outlook
Based on technical and fundamental analysis, oil is expected to continue moving upward if the positive momentum continues. If the supportive economic conditions continue, we may see additional price increases.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 71.32 | 69.33 |
| Target Point 1 (TP1) | First resistance: 72.12 | First support: 68.74 |
| Target Point 2 (TP2) | Second resistance: 72.66 | Second support: 68.20 |
| Stop Loss (SL) | 69.33 | 71.32 |
Oil is showing signs of the end of the downtrend and the beginning of an uptrend, with trading above the moving averages and positive signals on the MACD indicator. Investors are advised to keep an eye on future economic factors, as they can significantly influence market movement and price levels.
