USOIL Technical Analysis Oil closed last week on the global oil market at $68.87 per barrel. According to technical analysis, the current trend indicates an upward trend with prices trading above the moving average crossovers, and the MACD indicator is showing weak positive signals. Therefore, buying is possible in the first sessions of this week in the Asian session from the rise to 69.31, and we will target 69.98 per barrel as a profit-taking target. To ensure risk control, it is recommended to place a stop-loss point at the $68.08 per barrel area.
USOIL Technical Analysis: On the other hand,
if the sell zone at 68.08 per barrel is broken, an additional support level at $67.61 per barrel could be targeted.
USOIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 69.45
- First Resistance: 69.20
- Pivot Level: 68.90
- First Support: 68.70
- Second Support: 68.50
