USOil Technical Analysis: Oil is trading in an uptrend today, recording its highest price so far at 73.85 and its lowest at 72.63. Currently, oil is trading at 73.52, reflecting stability within a continuous upward range that enhances the possibility of this positive trend continuing in the coming days.
USOIL Technical Analysis: Price Analysis
By looking at the short-term price movement, we notice that oil is trading above the main moving averages, which supports expectations that the upward trend will continue. Trading prices above these averages reflects positive momentum and contributes to strengthening the overall picture of the market.
Technical Analysis Using the MACD Indicator: The MACD indicator clearly supports the upward trend, as a positive crossover appears between the lines, reflecting more positive momentum. The MACD indicator is also trading in the positive zone, which enhances optimism that the upward trend will continue in the near term.
Outlook:
Oil is likely to continue trading in an uptrend during the day, as prices continue to trade above the moving averages and the MACD indicator is positive. If the upward momentum continues, oil may test higher resistance levels, especially if the 73.85 level is breached, which may open the way for further gains.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 74.38 | 71.63 |
| Target Point 1 (TP1) | First resistance: 75.59 | First support: 70.75 |
| Target Point 2 (TP2) | Second resistance: 76.00 | Second support: 70.45 |
| Stop Loss (SL) | 71.63 | 74.38 |
Oil is in an uptrend supported by moving averages and MACD. Traders are advised to watch support and resistance levels carefully, with 72.63 as an important support.
while 73.85 remains a major resistance. Continued bullish momentum enhances the chances of further gains if oil continues to maintain these positive technical factors.
