USOil Technical Analysis: Oil continues its trading today in an upward trend, as it recorded its highest price so far at 72.97 and its lowest price at 71.42, to currently trade at the level of 72.97. Technical analysis shows that prices are trading above the main moving averages, which supports the upward trend and reflects the strength of the buying momentum that dominates the market.
USOIL Technical Analysis: Technical Analysis
Oil is currently trading above the moving averages, indicating that the general trend of the market is bullish. This movement confirms the continuation of the buying momentum, and prices may head towards testing higher resistance levels in the near future. It is important to follow the nearby resistance levels at 73.50 and 74.00 to determine the points where oil may face resistance.
MACD Indicator:
The MACD indicator shows a positive crossover above the zero level, reflecting strong bullish momentum in the market. This signal supports the upward trend of oil and confirms that the positive momentum is still strong, which reinforces expectations of continued price increases.
Future Outlook:
If oil continues to trade above the moving averages, it is likely to continue its upward trend towards the next resistance levels at 73.50 and 74.00. In case of any downside correction, oil may find strong support near the 71.50 and 71.00 levels.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 73.42 | 71.85 |
| Target Point 1 (TP1) | First resistance: 74.15 | First support: 71.31 |
| Target Point 2 (TP2) | Second resistance: 74.60 | Second support: 71.10 |
| Stop Loss (SL) | 71.85 | 73.42 |
Based on the current technical analysis, the bullish outlook for oil remains intact during today’s trading session. Prices are trading above the moving averages indicating a strong uptrend, while the MACD indicator is reinforcing the positive momentum. Investors may prefer to take long positions in the ongoing uptrend, while closely monitoring the resistance and support levels.
