USOIL Technical Analysis: Last week, US oil closed at $68.24 per barrel in the global market. Technical analysis suggests a bullish trend in the market, with prices trading above key moving averages and positive signals from the MACD indicator. This indicates that oil prices are currently on an upward trajectory, making it an opportune time to consider buying.
Looking ahead, there is a potential for further upward movement in the early sessions of this week, particularly during the Asian trading hours. Traders might look to enter the market around the $68.85 mark, anticipating a continuation of the bullish trend. The profit-taking target for this trade is set at $69.70 per barrel, which aligns with the expected resistance levels based on recent price action and technical indicators.
USOIL Technical Analysis: Trading Strategy
However, to manage risk effectively, it’s important to implement a proper stop-loss strategy. The recommended stop-loss level for this trade is at $67.23 per barrel, just below the recent support level. This will help limit potential losses in case the market moves against the position.
In conclusion, the technical outlook for US oil points to potential gains in the coming sessions, with a focus on entering the market near $68.85 and targeting $69.70 for profit-taking. By placing a stop-loss at $67.23, traders can control their risk while participating in the upward trend. As always, it’s crucial to stay updated on any shifts in market sentiment or external factors that may influence oil prices.
USOIL Technical Analysis: On the other hand,
if the buying zone at 67.23 per barrel is broken, an additional support level at $66.52 per barrel could be targeted.
USOIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 68.65
- First Resistance: 68.50
- Pivot Level: 68.22
- First Support: 68.07
- Second Support: 67.79
