American session, date: 7/23/2024
Introduction and overview
Oil has continued its downward trend since last week, with the price of a barrel currently trading at $77.87. This downward trend is in line with current technical trends, and reflects continued negative pressures on the market. In this technical analysis, we will review how moving average and MACD intersections affect the direction of the oil price. Since last week, the oil market has witnessed a noticeable downward trend, with the price of oil trading at $77.87 per barrel. This level reflects the continued negative pressures facing the market, which is evident through the current technical analysis. Analysis of moving average intersections shows that the price of oil is trading below most of these averages, indicating a continuation of the downward trend. The MACD indicates strength in a downtrend.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 78.20 | 77.55 |
| Target Point 1 (TP1) | First resistance: 78.92 | First support: 76.93 |
| Target Point 2 (TP2) | Second resistance: 79.60 | Second support: 76.20 |
| Stop Loss (SL) | 77.55 | 78.20 |
Conclusion
Based on current technical analysis, oil remains in a continuous downtrend. Negative crossovers in the moving averages and the strength shown by the MACD indicator in the downward direction indicate that the market may remain under downward pressure in the coming period. Traders and investors should follow these indicators closely to identify appropriate entry and exit opportunities in light of this downtrend.
