USOil Technical Analysis: Oil is trading in an uptrend today, recording the highest trading price for the day so far at $76.55 per barrel, while recording the lowest price at $75.11. Currently, oil is trading near the $75.85 level. The market is showing strong buying pressure, which reinforces expectations of extending the uptrend.
USOIL Technical Analysis: Technical Analysis
- Moving Averages:
Prices are trading above the moving average indicators in the short and medium term, which supports the current uptrend. When prices are above the moving averages, this is a positive signal that reflects the continuation of the bullish momentum in the market. This indicates the strength of the current trend, with the possibility of continuing the rise in the short term.
- MACD Indicator:
The MACD indicator indicates a positive trend, as a bullish crossover appears between the MACD line and the signal line in the positive zone. This reinforces the hypothesis that the bullish momentum may continue at the present time, providing confirmatory signals of the continuation of the rise in prices.
Trading Outlook:
Given these positive technical indicators, oil is expected to continue its bullish trend in the short term. If it manages to hold above the key support level at $75.11, the bullish momentum could extend towards higher resistance levels. The market is expected to target levels like $77.00 or $78.00 per barrel if the uptrend continues.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 76.97 | 74.51 |
| Target Point 1 (TP1) | First resistance: 77.87 | First support: 73.85 |
| Target Point 2 (TP2) | Second resistance: 78.50 | Second support: 73.30 |
| Stop Loss (SL) | 74.51 | 76.97 |
Based on the moving averages and MACD analysis, the market is indicating a continued bullish momentum in oil. With the price trading above the moving averages and positive MACD signals, the uptrend seems to be continuing in the short term. Traders are advised to watch key technical levels like $75.11 to enter the market on price corrections and take advantage of the expected bullish trend.
