USOil Technical Analysis: Oil is trading in a downward trend today, as it recorded its highest price so far at $68.52, and the lowest price at $66.59. Currently, oil is trading at $68.05. Technical analysis shows that prices are trading below the moving averages, which reinforces the continuation of the downward trend.
USOIL Technical Analysis Technical Analysis:
Moving Average Analysis:
Oil is currently trading below the main moving averages, indicating weak upward momentum and continued selling pressure in the market. This situation reflects that the general trend is still downward, with prices unable to penetrate the ascending moving averages in the short and medium term, which reinforces the hypothesis of a continued decline.
MACD Indicator:
The MACD indicator indicates a negative trend, as the MACD line is trading below the signal line, which reflects that selling momentum is dominating the market. The MACD indicator is also showing strength in the decline, as the gap between the MACD line and the signal line is gradually widening, indicating continued negative pressure in the market and supporting further downside potential.
Trading Outlook:
Oil is expected to continue the downtrend during the day as long as it trades below the major moving averages. Nearby support is at $66.59, and if broken, the decline could extend towards lower levels such as $65.50 or $64.00. In case of an upward correction, oil could face strong resistance near $68.52, as this level is likely to limit any upward attempts.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 69.09 | 67.27 |
| Target Point 1 (TP1) | First resistance: 69.88 | First support: 66.25 |
| Target Point 2 (TP2) | Second resistance: 70.09 | Second support: 65.75 |
| Stop Loss (SL) | 67.27 | 69.09 |
Technical analysis indicates that the general trend for oil prices today is bearish, supported by trading below the moving averages and the MACD indicator, which reflects the strength of the selling momentum. The decline is expected to continue as long as oil remains below the $68.52 level, with the possibility of continuing the decline towards lower levels if the selling pressure continues. Monitoring the support at $66.59 will be important to determine the next trend.
