USOil Technical Analysis: Today’s oil price, in the global oil market, is trading at $69.76 per barrel. According to the technical analysis, the current trend indicates a weak downward trend with prices trading above the moving average intersections, and the MACD indicator shows a weak negative trend
Accordingly, you can buy while waiting for the price to rise to 69.98, and we will target $70.45 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss at $69.03 per barrel.
USOIL Technical Analysis: On the other hand
In case of breaking the selling zone at $69.03 per barrel, the additional resistance level at $68.70 per barrel can be targeted.
USOIL Technical Analysis: Resistance and support levels
- Second resistance: 70.45
- First resistance: 70.25
- Pivot level: 69.90
- First support: 69.35
- Second support: 69.15
