USOil Technical Analysis: Oil is trading in an upward trend today, as it recorded its highest price so far at $72.02 per barrel and its lowest price at $70.97, while it is currently trading at $71.93 per barrel. This fluctuation in the price range reflects the presence of buying pressure that supports the upward trend at the present time, with the possibility of this positive momentum continuing in the coming hours.
USOIL Technical Analysis: Price and Trading Analysis
Through technical analysis, we notice that oil prices are currently trading above the main moving averages, reflecting the strength of the upward trend in the short and medium term. This trading above the moving averages indicates the continuation of positive momentum in the market and supports the possibility of continuing gains in the near term.
Technical Analysis:
- MACD Indicator: The MACD indicator is showing positive signals, as it records an upward crossover between the two lines, which enhances positive opportunities for oil. This signal indicates the strength of the upward momentum, and therefore, the technical outlook favors the upward trend in the short term.
Outlook:
If oil continues to trade above $71.50 per barrel, the uptrend is expected to continue towards testing the next resistance levels at $72.50 and $73.00 per barrel. If oil breaks this resistance, the uptrend may extend towards $74.00 and $75.00 per barrel. However, if the market declines and the price falls below $71.00.
oil may face downward pressure that may push it to test the support levels at $70.00 and $69.00 per barrel.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 72.58 | 70.62 |
| Target Point 1 (TP1) | First resistance: 73.53 | First support: 69.92 |
| Target Point 2 (TP2) | Second resistance: 73.95 | Second support: 69.55 |
| Stop Loss (SL) | 70.62 | 72.58 |
Technical analysis suggests that oil is trading in a strong short-term uptrend, supported by trading above moving averages and positive signals from the MACD. Although prices are approaching important resistance levels.
the market still has the potential to continue the uptrend if the current momentum is maintained. Caution remains necessary, as any decline below $71.00 could lead to important support tests.
