USOil Technical Analysis: Oil is trading today in a downtrend, as it continued to decline during the day after recording a high of 68.11 and a low of 66.93, and is currently settling at 67.13. This movement indicates the continuation of selling pressures on oil in light of the downtrend.
USOIL Technical Analysis: Technical Analysis:
- Moving Averages: Prices are trading below the main moving averages, reflecting strong downward pressures that support the negative trend for oil. Continued trading below these averages indicates that selling is dominating the market, which enhances the chances of the downtrend continuing.
- MACD Indicator: The MACD indicator indicates a negative trend, as it reflects the ongoing downward momentum and confirms that the general trend for oil is leaning towards a decline. The indicator also appears in the negative zone, which enhances expectations that oil may continue to decline in the near term.
Oil Outlook:
In light of trading below the moving averages and negative signals from the MACD indicator, oil is expected to remain in a downward trend in the short term. We could see further decline towards nearby support levels around 66.50 and 66.00, and if the downside pressure continues, the decline could extend to test lower support levels.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 67.50 | 66.71 |
| Target Point 1 (TP1) | First resistance: 67.79 | First support: 66.28 |
| Target Point 2 (TP2) | Second resistance: 67.99 | Second support: 65.90 |
| Stop Loss (SL) | 66.71 | 69.19 |
Oil continues to trade below the moving averages and the negative signals from the MACD indicator indicate that the downtrend will remain dominant for the time being. Oil is expected to face further downward pressures if the market continues in this direction.
with the possibility of testing deeper support levels in the coming period.
