USOIL Technical Analysis: Today’s oil price, in the global oil market, is trading at $71.55 per barrel. According to the 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 $71.03, and we will target $70.35 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss at $72.26 per barrel.
USOIL Technical Analysis: On the other hand
In case of breaking the buy zone at $72.26 per barrel, the additional resistance level at $72.70 per barrel can be targeted.
USOIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 71.93
- First Resistance: 71.68
- Pivot Level: 71.45
- First Support: 71.20
- Second Support: 70.97
