USOil Technical Analysis: Oil is trading in a downtrend today, recording a high of 68.53 and a low of 67.25. Currently, oil is trading at 67.93. Technical indicators indicate that the general trend is still down, with technical tools confirming the strength of the negative momentum.
USOIL Technical Analysis: Technical Analysis
- Moving Averages: Oil shows prices trading below the main moving averages, which reinforces the hypothesis of a continuation of the downtrend. Trading below these averages is considered a negative sign, as it indicates that the market is still suffering from selling pressure and that the downtrend may continue in the near term.
- MACD Indicator: The MACD indicator indicates a continuing negative trend, as the indicator lines are trading in the downtrend zone. This indicates the strength of the negative momentum in the market, which reinforces the idea of continued pressure on prices during the upcoming trades. The MACD indicator does not show any signs of an imminent reversal of the trend or a strong rebound.
Future Outlook:
With oil still trading below the moving averages, the downtrend remains the strongest for now. If oil continues to correct lower, nearby support levels like 67.25 and 66.50 could be key stops to watch. In case of any upside moves, 68.50 will be a strong resistance that could reverse the resumption of selling pressure.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 68.81 | 67.25 |
| Target Point 1 (TP1) | First resistance: 69.48 | First support: 66.30 |
| Target Point 2 (TP2) | Second resistance: 69.80 | Second support: 65.80 |
| Stop Loss (SL) | 67.25 | 68.81 |
Based on the current technical analysis, oil remains in a downtrend, with prices trading below the moving averages and the MACD indicator reinforcing the negative trend. Oil is likely to continue to decline towards lower support levels in the near term, in the absence of strong signs of a trend reversal. It is important to monitor any changes in momentum or market movements that may indicate an upward correction.
