USOIL Technical Analysis: Today, oil is trading in a downtrend, as price action shows continued selling pressure, indicating weak upward momentum and the possibility of a continuation of the negative trend in the short term. Technical analysis indicates a significant decline in oil prices today.
USOIL Technical Analysis: General Trend Analysis
Oil recorded the highest trading price for the day at 71.15 and the lowest price at 70.07, as it is currently trading at 70.56. These movements indicate a decline in prices within a narrow range, reflecting a continued downtrend with some resistance at higher levels.
Technical Analysis:
Oil is trading below the moving averages, which reinforces the downtrend at the moment. This signal reflects the general preference of the market towards the downtrend, and increases the possibility of continued selling pressure. The MACD indicator also shows negative signals, confirming that the negative momentum may continue in the short term.
Trading Outlook:
Oil is expected to continue its downtrend if prices remain below the moving averages, with a potential test of nearby support levels at 69.80 and 68.67. In case of any upward rebound, oil may face resistance at 71.63 and 72.33.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 71.63 | 69.80 |
| Target Point 1 (TP1) | First resistance: 72.33 | First support: 68.67 |
| Target Point 2 (TP2) | Second resistance: 72.63 | Second support: 68.32 |
| Stop Loss (SL) | 69.80 | 71.63 |
Based on technical analysis, oil is likely to continue its downtrend in the short term. Traders prefer to watch the support levels at 69.80 and 68.67, while following technical indicators to identify selling opportunities or watch for potential bounces.
