USOIL Technical Analysis The global oil market is trading at $67.36 per barrel. According to technical analysis, the current trend indicates a downward trend with prices trading above the moving average crossovers, and the MACD indicator is showing weak negative signals.
Accordingly, selling in the Asian session could lead to a decline to $66.59, and we will target 65.59 for a buy per barrel as a profit-taking target. To ensure risk control, it is recommended to place a stop-loss point at $68.41 per barrel.
USOIL Technical Analysis: On the other hand
, if the buy zone at $68.41 per barrel is broken, an additional support level at $69.06 per barrel could be targeted.
USOIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 67.61
- First Resistance: 67.57
- Pivot Level: 67.49
- First Support: 67.20
- Second Support: 66.90
