USOil Technical Analysis: Oil is trading in a downtrend today with a weak trend strength. It recorded a trading high of $71.20 per barrel and a low of $69.71 per barrel, and is currently trading at $71.10 per barrel.
USOIL Technical Analysis Trading Price Analysis:
Price action indicates that oil is trading above the moving averages, indicating a weakness in the downtrend and hinting at a possible rebound in the future.
Technical Indicators Analysis:
- MACD Indicator: The indicator shows a negative trend, but reflects a weakness in the selling momentum, which enhances the chances of a shift towards the positive trend in the event of buying pressure.
Expected Trading During the Day:
Oil is expected to continue trading within the downtrend, but with the possibility of a rebound to the upside if the selling pressure continues to weaken. Any signs of a change in momentum should be monitored.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 72.21 | 70.13 |
| Target Point 1 (TP1) | First resistance: 73.07 | First support: 68.85 |
| Target Point 2 (TP2) | Second resistance: 73.60 | Second support: 67.00 |
| Stop Loss (SL) | 70.13 | 72.21 |
Oil is showing weakness in the downtrend with possible positive signals. It is essential to closely monitor technical indicators and price action to identify suitable trading opportunities.
