USOIL Technical Analysis Oil closed last week, in the global oil market, at a price of $69.86 per barrel. According to the technical analysis, the current trend indicates a downward trend with prices trading below the moving average crossovers, and the MACD indicator shows negative signals.
Accordingly, selling in the first sessions of this week in the Asian session can drop to a price of 69.20, and we will target 68.27 for buying per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss point at the $70.86 per barrel area.
USOIL Technical Analysis: On the other hand
In the event of breaking the selling area at 70.86 per barrel, targeting the additional support level at $71.48 per barrel can be achieved.
USOIL Technical Analysis: Resistance and support levels
- Second resistance: 70.36
- First resistance: 70.21
- Pivot level: 69.90
- First support: 69.60
- Second support: 69.40
