USOil Technical Analysis: Oil is trading in a downward trend, as the decline continued after recording the highest price today at $67.96 per barrel, then declined again to reach the lowest price at $67.12. The current trading price is $67.44 per barrel.
USOIL Technical Analysis Technical Analysis:
The data indicates that trading is taking place below the moving averages indicators, which enhances the strength of the downward trend.
MACD Indicator:
Despite the strong decline, some weak crossovers appear on the MACD indicator, indicating the possibility of some negative pressure in the downward force.
USOIL Technical Analysis Trading expectations during the day:
Oil is expected to continue its downward trend, focusing on the support levels at $67.10.
USOIL Technical Analysis Trading Strategy:
It is recommended to look for selling opportunities at $67.50 levels with stop loss orders placed above $67.96. If the selling pressure continues, oil may head towards the $66.50 and $66.00 levels.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 68.34 | 67.00 |
| Target Point 1 (TP1) | First resistance: 68.89 | First support: 66.22 |
| Target Point 2 (TP2) | Second resistance: 69.20 | Second support: 65.60 |
| Stop Loss (SL) | 67.00 | 68.34 |
The overall trend for oil remains bearish, but any changes in momentum should be monitored. It is advisable to trade cautiously and follow the market to achieve the desired targets.
