USOil Technical Analysis: Oil shows the beginning of an upward trend today, as it recorded its highest price so far at 69.89 and its lowest price at 68.98, and is currently trading at 69.68. Through technical analysis, it appears that prices are moving above the main moving averages, which reinforces expectations of a continued upward trend in the short term.
USOIL Technical Analysis: Analysis of Technical Indicators
- Moving Averages:
Oil is currently trading above the moving averages, which reflects the strength of the upward trend. This contributes to confirming the continuation of the upward momentum as long as prices remain above these averages, which supports the positive outlook in the short term.
- MACD Indicator:
The MACD indicator shows a positive shift after a period of decline, as the indicator began to move away from the negative zone, reflecting the end of the negative trend and the beginning of positive signals. This signal supports expectations of a shift to an upward trend if the momentum continues to improve.
Future Outlook:
Oil is expected to continue the upward trend in the short term, especially if trading continues above the 68.90 level as a major support. If the positive momentum continues, oil could target the next resistance level at 70.50, with the possibility of continuing to rise towards 71.00 if the purchasing power continues to flow.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 70.13 | 68.51 |
| Target Point 1 (TP1) | First resistance: 70.94 | First support: 67.93 |
| Target Point 2 (TP2) | Second resistance: 71.59 | Second support: 67.65 |
| Stop Loss (SL) | 68.51 | 70.13 |
Oil is currently showing positive signs that support the uptrend.
especially with trading above the moving averages and support from the MACD indicator. The uptrend is expected to continue if the price continues to stabilize above the current support levels. It is recommended to follow the 70.50 levels as a major resistance, as breaking them represents a strong signal for the continuation of the bullish momentum.
