USOil Technical Analysis: Today, oil is trading in an uptrend but with some weakness in the upward momentum. Oil recorded a high of 72.98 and a low of 72.65, and is currently trading at 72.82. This reflects a slight movement in a narrow range, with a tendency to rise, but there are signs of weak momentum in this direction.
USOIL Technical Analysis: Trading Price Analysis
Price action analysis shows that oil is trading at the beginning of the day below the moving averages, indicating that the downtrend may have a strong impact on prices if trading continues below these levels. However, the price shows a slight increase compared to the starting points, but the uptrend is still fragile due to technical pressures.
Technical Analysis
Moving Averages:
Through technical analysis, it appears that oil started trading below the moving averages, indicating that the market prefers a downtrend in the short term. If trading continues below these averages, it could lead to further downward pressure on prices. However, if oil can break above these averages, it could slightly strengthen the uptrend.
MACD Analysis:
The MACD is currently showing positive but weak signals, indicating an upward trend, but the momentum is not strong enough to support it on a sustained basis. The MACD remains in a weak positive zone, reflecting a lack of purchasing power and contributing to slowing the upward movement. This suggests that any upside may be limited for the time being.
Trading Outlook:
Oil is likely to remain in a narrow range for the coming period, with weak upward momentum as prices trade below the moving averages. If the price continues above the 72.65 level, oil may witness some slight increases, but the overall trend may remain weak in the short term.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 73.43 | 72.34 |
| Target Point 1 (TP1) | First resistance: 73.83 | First support: 71.64 |
| Target Point 2 (TP2) | Second resistance: 74.10 | Second support: 71.10 |
| Stop Loss (SL) | 72.34 | 73.43 |
Oil is trading in an uptrend but with weak momentum. Prices are trading below the moving averages and the weak positive MACD indicator suggests that the uptrend may struggle to continue strongly. The overall trend remains unclear and further confirmation is needed to determine whether oil will continue to rise or face downward pressures.
