USOil Technical Analysis: Oil is trading in a downtrend today, having witnessed a significant decline from its highest price of $71.31 per barrel, to reach its lowest price so far at $69.13 per barrel. Currently, oil is trading at $70.09 per barrel, indicating a continuous decline in prices.
USOIL Technical Analysis Developments and Prices:
Price differences indicate weak performance in oil, as prices remain below the moving averages, which reinforces the hypothesis of a continuation of the downtrend.
Technical Analysis:
When analyzing the technical indicators, we find that the MACD indicator shows the beginning of the emergence of a negative trend, after the end of the positive trend. This indicates the possibility of continued selling pressures, which requires close monitoring of current levels.
Intraday Trading:
Oil is expected to continue its downtrend during the day, with the possibility of testing nearby support levels. Traders are advised to monitor the $69.13 level as a major support, as it may form a point of retracement or new movement.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 71.31 | 69.28 |
| Target Point 1 (TP1) | First resistance: 72.19 | First support: 68.29 |
| Target Point 2 (TP2) | Second resistance: 72.69 | Second support: 67.60 |
| Stop Loss (SL) | 69.28 | 71.31 |
Oil appears to be on a downward trajectory with clear signs of a weakening positive trend. Traders are advised to focus on market movements and watch for opportunities arising from any trend changes.
