USOil Technical Analysis: Oil (WTI Crude Oil) is witnessing bullish trading during today’s session, as it recorded its highest price so far at 70.21 and its lowest price at 69.45, and is currently trading at 69.96. Technical analysis shows that the market is moving in an upward direction supported by positive momentum that enhances the chances of continuing the rise during the coming period.
USOIL Technical Analysis: Trading Price Analysis
Oil is currently trading above the main moving averages, which enhances expectations of an extension of the upward trend in the short term. Continuing trading above the moving averages indicates that buyers control the market and that the rises may continue as long as prices remain above these levels. If the price breaks the 70.20 level, this may enhance the upward momentum towards higher resistance levels.
Technical Analysis Using Technical Indicators:
- Moving Averages: Oil is trading above the main moving averages, which supports the upward trend. Trading above these averages shows that the general trend is still bullish, and this trend could continue as long as prices remain above these levels, especially if the 70.00 level is tested and broken upwards.
- MACD Indicator: The MACD indicator indicates the emergence of a positive trend, as the bullish intersection between the MACD line and the signal line reflects a positive flow of momentum. This signal supports the bullish trend and increases the possibility of oil continuing to rise in the short term, especially if this intersection continues to expand.
Future Outlook:
The positive momentum shown by the moving averages and the MACD indicator indicates that oil may continue to rise towards new resistance levels. In the event that it continues to trade above the 69.45 level, a breach of the 70.00 level may open the way for further gains towards 71.00 or even 72.00. On the other hand, in the event of a decline below the 69.45 level, oil may test a strong support level at 69.00 or lower, which may lead to a correction in the bullish trend.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 70.21 | 69.33 |
| Target Point 1 (TP1) | First resistance: 70.68 | First support: 69.01 |
| Target Point 2 (TP2) | Second resistance: 70.96 | Second support: 68.80 |
| Stop Loss (SL) | 69.33 | 70.21 |
Oil is trading in an uptrend supported by moving averages and the MACD indicator showing positive signals. The current uptrend remains intact, with opportunities for further gains as long as prices remain above current support levels. A break of 70.20 should be monitored as a signal to accelerate the uptrend.
with attention to any potential correction if prices fail to hold nearby support levels.
