USOIL technical analysis Today. Oil has been under clear selling pressure since the beginning of the week, affected by the rise in the US dollar and the deterioration in global demand expectations, especially with the escalation of concerns about slowing growth in major economies. After the price failed to consolidate above $79.00, the market witnessed a rapid downward trend that pushed the price to break important technical support levels. This comes amid anticipation of the upcoming US inventory data, which may redirect the technical movement during the session.
USOIL Technical Analysis Today: General Technical Outlook
The general trend on the H1 timeframe is clearly bearish, after the price broke the support at 77.65 and stabilized below it, moving within a short-term descending channel. The price is now trading below all major moving averages (20, 50, and 100), which reinforces the selling bias in the immediate term.
Technical Indicator Analysis:
MACD: Clearly negative, with red bars expanding below the zero line, indicating strong selling momentum.
Stochastic: Moving within oversold areas, with a slight positive crossover beginning, which may herald a limited rebound or temporary consolidation.
Moving Averages: The price is below all moving averages, confirming the continuation of the downtrend.
Detailed Explanation of Technical Zones
- 77.65 – 78.30: Short-term resistance area.
- 77.10: Current technical pivot – failure to exceed it maintains pressure.
- 76.45: Intermediate support – a break above it paves the way for a larger decline.
- 75.80 – 74.90: Previous pivotal support areas if the downtrend continues.
USOIL Expected Scenarios
Bullish Scenario:
If the price can rebound and hold above 77.65, an upward correction may begin, targeting first 78.30, then 79.00 – a critical resistance area that marks the beginning of the previous collapse.
Bearish Scenario:
If the price remains below 77.10 and is unable to recover, oil will continue its decline to test the next support level at 76.45. A break of this level will retest the pivotal area at 75.80 – which, if broken, could extend the decline to 74.90.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 62.40 | 61.72 |
| Target Point 1 (TP1) | First resistance: 63.32 | First support: 60.70 |
| Target Point 2 (TP2) | Second resistance: 64.80 | Second support: 59.20 |
| Stop Loss (SL) | 61.72 | 62.40 |
Oil is moving under strong selling pressure, driven by the break of technical support areas and the decline in global risk appetite. A sustained price below 77.10 will maintain the negative outlook, while any rebound must exceed 77.65 and 78.30 to restore buying confidence. Waiting until inventory data is released to confirm the upcoming trend, with a focus on the 76.45 level as a critical pivot during today’s session.
Economic Data Impacting Oil This Week
- Energy Information Administration (EIA) report – US crude oil inventories – Wednesday, May 15
- US Producer Price Index data – May 14
- Any updates regarding OPEC or global production data will affect the trend.
