USOil Technical Analysis: Oil is trading in a downtrend today, recording a high of 69.26 and a low of 68.06. Currently, oil is trading at 69.05, reflecting trading near the midpoint between the high and low of the day, with the price remaining under some selling pressure.
USOIL Technical Analysis: Technical Analysis
Moving Averages:
The current price movement indicates a continuation of the downtrend, as prices are trading below the moving average indicators on different time periods, which reinforces the negative outlook in the short and medium term. This negative interaction with the moving averages indicates the presence of strong selling pressure that may lead to further declines in the coming period.
MACD Indicator:
The MACD indicator indicates a negative trend, as the main line of the indicator remains below the signal line, reflecting the continuation of negative pressure in the market. This signal supports expectations of a decline in oil prices in the coming hours, and reinforces the negative outlook at the present time.
Today’s outlook:
If oil continues to trade below the moving averages, the downtrend is expected to continue in the short term.
with the possibility of testing new support levels at 68.00 or even 67.50. In case of any upward attempt, the nearby resistance levels are located at 69.30 and 69.50.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 69.49 | 68.44 |
| Target Point 1 (TP1) | First resistance: 70.10 | First support: 68.06 |
| Target Point 2 (TP2) | Second resistance: 70.69 | Second support: 67.72 |
| Stop Loss (SL) | 68.44 | 69.49 |
Based on the current technical analysis, the downtrend for oil remains intact in the short term, supported by the price trading below the moving averages and the negative signal of the MACD indicator. It is important to follow the developments of the price action in the coming hours to monitor any changes that may occur in the general trend.
