USOil Technical Analysis Today’s oil price, in the global oil market, is trading at $69.88 per barrel. According to technical analysis, the current trend indicates a downtrend with prices trading below the moving average intersections, and the MACD indicator shows a negative trend
Accordingly, you can sell while waiting for the price to drop to $68.90, and we will target $67.86 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss point at $71.14 per barrel.
USOIL Technical Analysis: On the other hand
In case of breaking the buying zone at 71.14 per barrel, the additional resistance level at $71.97 per barrel can be targeted.
USOIL Technical Analysis: Resistance and support levels
- Second resistance: 70.22
- First resistance: 70.12
- Pivot level: 69.98
- First support: 69.74
- Second support: 69.64
