USOIL Technical Analysis: Weak bearish trend

American session, date: 7/8/2024

Introduction and overview

In this technical analysis, we will examine oil performance by reviewing key price trends, important technical levels, and current trading patterns. We will use a set of technical tools and indicators to provide a comprehensive and in-depth view of the movement of oil in the market. Oil is currently trading at $82.19 per barrel. Prices are trading below most of the moving average crossings, indicating a weak downtrend. The MACD indicator indicates a weak negative trend

USOil Technical Analysis

Trading strategies based on Buy/Sell levels

USOIL In case of buying           in case of selling
Entry point 82.64 81.88
Target Point 1 (TP1) First resistance: 82.88 First support: 81.44
Target Point 2 (TP2) Second resistance: 83.10 Second support: 81.00
Stop Loss (SL) 81.88 82.64



These strategies are based on determining the price’s location relative to support and resistance levels, and suggest the best ways to profit from price movements based on these indicators. Traders should carefully monitor these levels to identify optimal opportunities to enter and exit the market, while adhering to appropriate risk management strategies to protect their investments.

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