USOil Technical Analysis Oil closed last week, in the global oil market, at a price of $71.52 per barrel. According to the technical analysis, the current trend indicates a weak downward trend with prices trading above the moving average intersections, and the MACD indicator shows weak negative signals
Accordingly, buying in the first sessions of this week in the Asian session can rise to a price of 72.21, and we will target $73.24 per barrel as a target to take profits. To ensure risk control, it is recommended to set a stop loss at $70.70 per barrel.
USOIL Technical Analysis: On the other hand
In the event of breaking the selling zone at $70.70 per barrel, the additional support level at $70.02 per barrel can be targeted.
USOIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 71.94
- First Resistance: 71.81
- Pivot Level: 71.72
- First Support: 71.37
- Second Support: 71.10
