American session, date: 07/18/2024
Introduction and overview
The oil market has witnessed significant fluctuations recently, as prices rose from the level of $80.11 per barrel to $82.28, then witnessed a decline to currently trade at about $81.31 per barrel. In this technical analysis, we will take a deep look at the current oil price movement, focusing on key technical indicators and their potential impact on future market trends. Analysis of technical indicators shows that the oil price is facing weakness in most moving averages, reflecting uncertainty about the upcoming trend. In addition, the MACD indicator indicates a weakness in the strength of the uptrend, which requires careful monitoring of vital technical levels and rapid changes in the market.

Trading strategies based on Buy/Sell level
USOIL | In case of buying | in case of selling |
Entry point | 81.45 | 81.02 |
Target Point 1 (TP1) | First resistance: 81.93 | First support: 80.61 |
Target Point 2 (TP2) | Second resistance: 82.50 | Second support: 80.00 |
Stop Loss (SL) | 81.02 | 81.45 |
Conclusion
In conclusion, oil shows volatile and diverse movements in light of global economic and political changes. Investors and traders should carefully monitor market developments, make decisions based on careful technical analysis and a comprehensive understanding of the fundamental influencing factors.