USOil Technical Analysis :Oil prices recorded an upward movement today, as they were able to reach their highest level so far at $71.64 per barrel, while recording their lowest level at $70.61 per barrel. Currently, the price of oil is trading at $71.05 per barrel. The current price movement shows an indication of an upward trend, with some fluctuations that may indicate a period of correction or slowdown in the upward momentum.
USOIL Technical Analysis :Technical Analysis
- Moving Averages: The price of oil is currently trading above the moving averages indicators, indicating that the general trend in the medium and long term tends to rise. This situation reflects the strength of the buying momentum, and enhances the possibility of the continuation of the upward movement in the short term.
- MACD Indicator: The MACD indicator shows a positive trend, reflecting the continuation of the upward momentum in the market. However, we noticed some weakness in the trend, as the indicator began to form a slight bearish crossover between the fast and slow lines. This may indicate the beginning of a decline in purchasing power, and may lead to some short-term corrections or a period of fluctuation.
Future Outlook:
Technically, the uptrend still seems to be in the ascendant, especially with prices trading above the moving averages. However, there is some weakness in the upward momentum according to the MACD indicator.
which could indicate a possible short-term correction or volatility before the price returns to continue the uptrend.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 71.55 | 70.17 |
| Target Point 1 (TP1) | First resistance: 72.35 | First support: 69.59 |
| Target Point 2 (TP2) | Second resistance: 72.70 | Second support: 69.10 |
| Stop Loss (SL) | 70.17 | 71.55 |
Oil is expected to remain in an uptrend in the near term, supported by prices trading above the moving averages. However, the MACD indicator may indicate a slight weakening in momentum.
which may require a close watch on price developments to determine whether the correction will continue or prices will continue to rise towards higher levels.
